Hurricane season is upon us and it’s a terrible reminder that Mother Nature can destroy property, communities and lives in an instant. The country recently watched in horror as Hurricane Florence tore through the Eastern Seaboard. Ranked just behind Hurricane Harvey in the level of rainfall, Florence has left many families in the Carolinas, Maryland and along the Northeastern Seaboard reeling.
While cleanup efforts have already begun, as we have seen with recent events such as Hurricane Harvey in Texas and Maria in Puerto Rico, recovery takes a long time and a lot of money. Donations to organizations such as the American Red Cross and the United Way, as well as many smaller nonprofit groups help immensely. These groups are able to assist with shelters, food, clean water, food and many other necessities for the victims. As the devastating force and regularity of natural disasters seems to be increasing, many philanthropically-minded individuals with Donor-Advised Funds (DAF) have used those funds to recommend grants for the recovery efforts.
With a DAF, the donations have already been made and are ready to be recommended to qualified relief effort programs when disaster strikes. A recent example is the Love for Love City campaign that was started through efforts of country music star Kenny Chesney and the Renaissance Charitable Foundation to raise money for Hurricane Irma victims in 2017. Millions of dollars were raised, and grants were recommended through this fund to help with the recovery efforts from Irma in the US and British Virgin Islands.
While the DAF doesn’t have to benefit natural disaster victims specifically, the fact that there are dollars readily available to help at a moment’s notice is a wonderful benefit to these charitable giving vehicles.
Contact us to find answers to any of your other charitable planning questions.
