The Community Foundation of Greater Chattanooga distributed nearly $27 million throughout the region last year thanks to expanded use of donor advised funds (DAFs), foundation officials announced today.
Specifically, CFGC made 2,722 grants totaling $26,287,076.05 over the course of 2023, an 8.8 percent increase over the total amount distributed in 2022. These grants included significant gifts to local priorities such as education, housing, food security and workforce development.
Of these gifts, approximately $16,800,000 million were made from 132 donor advised funds.
The total amount distributed from the Foundation’s DAFs is the highest in eight years and the second highest amount in the philanthropy’s 63-year history.
These funds allow individuals and families to make charitable contributions from which they can realize immediate tax benefits. Deposits in the DAF can then be invested and grow tax-free. Donors may then recommend grants from the fund to nonprofit charities of their choice, to be distributed by the Community Foundation staff.
“Donor advised funds give donors the greatest amount of flexibility with their charitable giving,” said Maeghan Jones, the Community Foundation's president and CEO. “They always have the option of using their DAF to make gifts to the nonprofits they care about, and they can also trust the guidance and expertise of our staff to find out where resources are needed most. Together, we’re making real progress on breaking intergenerational cycles of poverty and creating opportunities for upward mobility for everyone, and in 2024, we’re going to do even more.”