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And taxes are lower if the trust is formed as part of a community foundation.
"There are absolutely real tradeoffs in choosing a financial institution or a community foundation.
Like Mr. Donnell, Diana Digges turned to a community foundation because of its matchmaking skills.
With a $30m fund raised through a community foundation, Mr Morino behaves much like a venture capitalist.
Then a colleague pointed her to a community foundation where she could set up a donor-advised fund.
"The whole idea of a community foundation is that everybody can be a philanthropist," said Suzy Sonenberg, the executive director.
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"I would bet that they knew that, at some point in their lives, they would want to give away a lot of money to charity, so putting it into a community-foundation D.A.F. can be really good for a couple of reasons.
Have your broker transfer them to a single charity; one of the national donor-advised funds associated with Fidelity, Vanguard, Schwab and other financial services companies; or to a fund at a local community foundation.
Lulete Mola is Director of Community Impact for the Women's Foundation of Minnesota, a statewide community foundation driving gender and racial equity.
Opt to handle the set up and distribution of the scholarship funds on your own, or contact a local community foundation for assistance.
He still has the ability to direct his philanthropy, and for a fee, the community foundation does the paperwork.
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