For many people contemplating a charitable vehicle, the default choice is often a donor-advised fund (DAF). Despite the many unique benefits that private foundations confer, some people shy away from them because they’ve heard that private foundations are difficult to set up and manage. Although these once may have been valid concerns, today there are firms, such as Foundation Source, that provide the same sort of turnkey services that were once only available with DAFs.
Thanks to advanced technology and the outsourcing of services that automate and simplify the way private foundations are operated, families can set up a foundation in a matter of days and enjoy the control and flexibility that only a private foundation can offer without any of the traditional complexities.
Although DAFs and private foundations are both effective charitable vehicles, they offer different levels of control, authority, and philanthropic, as explained in this article.