Discussion
The alternative to using a DAF is to donate directly to a charity. But there are advantages - to both the donor and the charity - to using a DAF. Not all charities are equipped to efficiently process non-cash assets like stocks, and they don't need to issue individual tax receipts for donations from DAFs. For the donor, you can bundle donations into a single tax year and parcel it out later.
But all these advantages are for naught if they refuse to send money to your preferred charities.
I had a bad experience with them, I left.
Part of me is surprised and the other 97% is disgusted.
@mattblaze Let us know if you find an investor group that won't block SPLC
@mattblaze some credit unions have charitable giving programs, could be worth looking into that
@mattblaze I've been moving from Fidelity to Daffy, which has lower fees and is much more pleasant to use. https://daffy.org
@mattblaze Heh, more like INFIDELITY!
@mattblaze yiiiikes. I may reconsider setting up a DAF if it's going to be like this!
@mattblaze
Fidelity = Trump's fascist bitches. Boycott.
@mattblaze Imagine if Fidelity blocked donations to Hillary Clinton in the last week of the 2016 election. People would LOSE THEIR SHIT.
@prism Political campaigns aren't eligible for tax-exempt donations.
Donor-Advised Funds (DAFs) are essentially charitable clearinghouses that allow you to make lump donations that can be parceled out to tax-exempt charities from an account. They're a convenient vehicle for making non-cash donations (such as stocks), because they take care of converting the donation to cash for distribution to the charities. They work like a bank account for donating.
Except when they refuse to process donations, apparently.
The alternative to using a DAF is to donate directly to a charity. But there are advantages - to both the donor and the charity - to using a DAF. Not all charities are equipped to efficiently process non-cash assets like stocks, and they don't need to issue individual tax receipts for donations from DAFs. For the donor, you can bundle donations into a single tax year and parcel it out later.
But all these advantages are for naught if they refuse to send money to your preferred charities.
Background: The Trump DoJ is claiming that the SPLC's use of paid informants inside organizations like the Klan is somehow a fraud against its donors. I'm a donor. This is exactly the kind of work I WANT to support. Which is why I tried to make an additional donation.
@mattblaze@federate.social
Ok. My brain parsed that weird. Initially, I read it as "donors to the Klan" and that you were stating you were such a donor! 😜
not to mention, by this logic, every law enforcement agency is committing fraud against the taxpayers by using paid informants...
the level of just plain stupid from the current Dept of Jesters is just staggering.
@mattblaze My DAF is managed by Morgan Stanley. They approved my recent grant request to SPLC (which I made after the indictment). So this is specific to Fidelity, which seems to be imposing a guilty until proven innocent, don't piss off Trump process that they are under no obligation to use.
@mattblaze ditto, liekd subscrybd
@mattblaze holy cow, what a disgrace.
Of course not your part in it - but all other parts.
@mattblaze I hate these cowardly businesses that comply in advance. They have the capital and the lawyers to do the right thing
Fidelity isn't just complying in advance.
https://thehill.com/homenews/administration/5855617-fidelity-block-donor-advised-funds-southern-poverty-law-center-doj-indictment/
Fidelity is an active participant in the hijacking of democracy in service to the fossil fuel industry.
1. They helped finance Musk's Twitter purchase
https://fortune.com/2024/08/22/elon-musk-x-twitter-owner-list/
https://archive.is/4PAxz
https://www.nytimes.com/2015/01/21/technology/google-makes-1-billion-investment-in-spacex.html
https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
2. They are a major GOP donor.
https://www.desmog.com/2024/10/28/friendly-new-face-dark-money-fidelity-schwab-vanguard-donor-advised-funds-daf-project-2025/
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@Npars01 @thomasjwebb @mattblaze
I will have to say that after doing some research about a year ago Schwab donated 95%+ of their political donations to the R party, while Fidelity donated 50% to the R party and 50% to the D party. I'm not a fan of either, but Fidelity might be the lesser of two giant evils.
@freyjfreyj @Npars01 @thomasjwebb I’m not sure what the exact relationship is between the board and management of the various broker-affiliated DAFs and the brokerages themselves. Something I should have checked into.
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