Upstate Foundation offers donor-advised funds in response to campus need
Caption: Upstate University Hospital CEO Robert J. Corona DO, MBA, pictured with Upstate Vice President for Development Eileen Pezzi, MPA, opened a donor-advised fund through the Upstate Foundation this year.
The Upstate Foundation now offers donors a new giving vehicle through donor-advised funds. A donor-advised fund lets the donor advise the Foundation on how money will be disbursed. With donor-advised funds, gifts may be designated to Upstate as well as other not-for-profit organizations.
Donor-advised funds offer a number of benefits to the donor including tax advantages and estate-planning opportunities, as well as the ability to involve family heirs and help teach the value of philanthropy.
Donor-advised funds can be established at the Upstate Foundation for a minimum of $5,000 or $10,000. A donor-advised fund established for $5,000 functions similarly to the Foundation’s restricted funds in that the principal is guaranteed, not invested, and no administrative fee is charged. The donor advises the Foundation how money is to be spent.
A donor-advised fund that is established for a minimum of $10,000 can be likened to an investment account dedicated solely to a donor’s charitable giving. The principal is invested through the Foundation, generating investment returns. Both the principal and investment returns are available for spending (giving to charities) based on the donor’s areas of interest. Although this type of donor-advised fund is not a lifelong fund like an endowment, a donor may appoint a successor to continue his or her legacy of giving.
“Individual donor-advised funds are the fastest-growing vehicle in philanthropy,” noted Eileen Pezzi, vice president for development at Upstate Medical University. “When several faculty members approached us about offering them here, we knew we had to respond to meet this need.”
Pezzi says philanthropy plays an important role at Upstate. “That has never been clearer than this year,” said Pezzi.
In the midst of the pandemic, and playing a key leadership role throughout the crisis, Upstate University Hospital CEO Robert Corona, DO, MBA, still found time for personal philanthropy. Corona’s devotion to Upstate and the Central New York community were clearly demonstrated when he opened a donor-advised fund at the Upstate Foundation this spring.
Corona noted that opening a donor-advised fund at the Upstate Foundation “just makes sense.” With tax benefits and other advantages, “it’s a great vehicle for giving. The Upstate Foundation makes the whole process painless. They do incredible work,” said Corona.
Corona plans to focus his giving through the donor-advised fund on cancer research and organizations that support the sustainability of our natural resources, which includes humane treatment of farm animals, compassionate treatment of all animals and research into plant-based diets.
For more information on donor-advised funds at the Upstate Foundation, contact Eileen Pezzi, vice president for development at Upstate, at 315-464-7853 or click here.
Media Contact: Kathleen Froio FroioK@Upstate.edu