Setting Up a Donor-Advised Fund for Year-End Giving

In our monthly column from Karen Minogue, Waccamaw Wisdom, we’ll unpack the latest in philanthropy and offer tips to make your giving more effective. Topic suggestions welcome at communications@mywcf.org.

Sophisticated. Savvy. Accountable. These are some of the words donors use to describe their giving through a donor-advised fund (DAF) at Waccamaw Community Foundation.

When you set up a DAF, you relinquish the assets you contribute, get an immediate tax break and have the privilege of recommending grants out of your fund to your favorite charitable causes at your leisure. It’s like having a private foundation within the Waccamaw Community Foundation without all the time and expense required to set up and maintain a private foundation.

One main draw is the tax advantage of separating your tax planning (when you can use the tax deduction for making the initial charitable gift to the fund) from your grantmaking (there are no required amounts you are required to grant out like with a private foundation). Your fund grows tax-free, so you can give even more to the causes you care about.

At Waccamaw Community Foundation, you can set up a donor-advised fund starting with $10,000, and the minimum grant amount is $200. We recommend you consider endowing your fund, establishing your fund with a minimum of $25,000 and trying to adhere to a grant distribution rate of no more than 4 percent each year. Following these steps will grow your fund and give more over time, and in perpetuity, to the causes you care about.

A donor-advised fund is also a great way to consolidate your grantmaking.  Here are some ideas.

Create in memorium gifts. One creative giving idea is for a widow or widower to establish a memorial fund in honor of his or her late spouse. Grants can be made to causes that either spouse values or valued during their lifetime. In some cases, trustees of estates may, as part of an estate plan, create a legacy memorial fund in honor of the deceased.

Accept gifts from family and friends. If the minimum gift size is an issue, family or friends can make gifts to the fund. Any fund at Waccamaw Community Foundation may accept gifts of any size at any time from family members, the business community, or the public.

Set yourself up for a designated fund down the line. More and more donors are interested in creating a legacy for specific charities they support that might not be able to absorb a large gift all at once. They name specific charities and choose a dollar amount or percentage amount that should be distributed from the fund each year. While this type of fund is a designated fund, many donor-advisors elect for their DAF to become a designated fund after their passing.

Get your kids involved. If you have adult children, you can name them as successor advisors on your fund to continue giving as a family.

Give year-round. Charities need donations year around, but the majority of donations come in at year-end. You can use your DAF to make your contributions at the end of the year, but space out your donations throughout the following year.

Collaborate with other donors. DAF donors can pool their resources together easily to make a bigger impact. One new trend is for individual donors to form a “giving circle” of like-minded friends or colleagues who pool their assets to establish a DAF for a geographic area, and then meet to recommend grants. The combined funding could kick start a new project or noticeably influence a specific cause, which in turn may bring the group broader recognition in the community.

We are your first resource for all things charitable. Please give Karen Minogue at call at 843-357-4483 or e-mail her at karenm@mywcf.org. We are poised to help you set up a fund in as little as one day, but just remember that calendar year-end is quickly approaching if you would like to make a gift or receive a tax deduction for 2016!

Other helpful hints for year-end giving:
•    Year-end gifts to Waccamaw Community Foundation should be postmarked by December 31st.

•    For gifts of appreciated stock and mutual funds, please allow at least one week for the transaction. The gift date is the date we receive the asset, not the date you instruct your broker to make the transfer. Kindly notify us so we can be on the lookout for your gift.

3655 S. Hwy. 17 Business, Murrells Inlet, SC 29576

843-357-GIVE (4483)

Info@mywcf.org

Our business hours are 8:30 a.m.–5:00 p.m. Monday through Thursday and 8:30 a.m.-3:00 p.m. on Friday.

Waccamaw Community Foundation is an affiliate of Coastal Community Foundation.

Copyright © 2022 Waccamaw Community Foundation

Fundholder Alert

To guarantee that your grants are distributed by the end of the year, please submit your requests by Friday, December 9th at 3:00p.m.

If you have any questions, please contact Shawna Mosley-Foster at 843-357-4483 or shawna@mywcf.org

12/09/2022
3:00pm

Dennis L Wade

Dennis Wade is a native of Lancaster, SC and a graduate of the University of South Carolina. Mr. Wade has been President and Chief Executive Officer of The Jackson Companies since 2001. The Jackson Companies is a diversified tourism, hospitality and real estate development company located in the South Strand of Myrtle Beach. For more than five decades, the Jackson family has instilled philanthropy and community service into their multifaceted group of businesses. Dennis is a graduate of Leadership Grand Strand XIX and a Waccamaw American Leadership Forum Senior Fellow. He currently serves on the Coastal Educational Foundation Board of Directors, the Board of Visitors for the Wall College of Business at Coastal Carolina University, and the Conway Medical Center Board of Trustees. He is also chairman of the Board of Directors of Coastal Carolina Bancshares, Inc. and a director of Coastal Carolina National Bank. Dennis and his wife, Marie, have two children, Erica and Taylor, and have called the Grand Strand home since 1997.

Allen Jeffcoat

Allen Jeffcoat has been practicing law in Myrtle Beach since 1977. His areas of practice include real estate, estate planning, probate administration, environmental law, corporate and business law, and bankruptcy.  He serves as an expert witness in cases in these areas of practice. He is licensed to practice law in SC and NC. He has served as chair of the Real Estate Practices Section of the SC Bar.

Allen’s relationship with Waccamaw Community Foundation began many years ago, when he would advise his estate planning clients to invest their funds to benefit their philanthropic interests, such as education, the arts, and environmental protection. After working alongside his clients and WCF, Allen joined the Foundation’s board of directors in 2007 and served as director until 2016.

In addition to his professional to his professional interests and his involvement with WCF, Allen has a history of supporting coastal and statewide conservation efforts. In 1985, Allen joined the South Carolina Nature Conservancy board of trustees, and fulfilled a variety of leadership roles- including a stint a chairman— from 1987-1989. Allen also served on Governor Carroll Campbell’s Freshwater Wetlands Forum, and continues to apply his experience in environmental and real estate law to help preserve and protect natural resources and ecosystems vital to the local community.

Allen is also a founder and first president of the YMCA of Coastal Carolina.

Allen has resided in the Grand Strand since 1977 with his wife, Mary. They have two grown children and a granddaughter.

Tim Whitten

Tim@mywcf.org

843-357-4483

A native of Alabama, Tim received his bachelor’s degree in business administration from Auburn University and a master’s degree in religion from Lenoir-Rhyne University. He brings to WCF a background in grant writing and in disaster recovery most recently serving the South Carolina Conference of The United Methodist Church.

Tim resides in Galivants Ferry with his wife Julie and their four children.

Phillip Anderson

Director

Phillip Anderson is a Senior Vice President & Senior Lending Officer for Asheville, North Carolina-based HomeTrust Bank, serving the coast of South Carolina. Throughout his 22-year banking career, he has served in commercial banking, trust administration, retail banking, and market leadership roles with mid-size and regional banks in South Carolina and Georgia. He has always embodied the community banking model of building strong local relationships and being active in numerous non-profits and promoting their causes.
 
He is a graduate of Mercer University in Macon, GA, the Cannon Financial Institute’s Trust School, The Stonier Graduate School of Banking and Wharton Leadership program. He is also a graduate of several Chamber of Commerce Leadership programs over his career.
 
Phillip resides in Pawleys Island, South Carolina, with his wife Mary Beth and daughter Carolina. In his free time, he enjoys spending time with his family, reading, and playing golf.

Ellen Barney Sycks

Stewardship & Communications Officer

ellen@mywcf.org
614-893-7998

Ellen serves the Foundation as its Stewardship and Communications Officer, responsible for communicating with fund holders on a regular basis and providing advice when needed, particularly around fund development as well as relevant field of interest information.

A native of Hillsboro, Ohio, Ellen provides more than three decades of non-profit leadership experience, focusing on creating major gift and planned giving opportunities to support organizations’ programs, special projects and capital campaigns. Ellen received her B.A. in National Security Policy from The Ohio State University. She lives in Murrells Inlet with her husband Jay and their two cats, Mabel and Murray.

Chris Hanna

Director

Chris Hanna is a Senior Broker Associate with Coldwell Banker Sea Coast Advantage. Born and raised in Myrtle Beach, he started in the real estate business in 1993. Chris is a member of the Coastal Carolinas, South Carolina and National Associations of REALTORS and is an active local community member as well, having served on various boards such as the Horry County Zoning Board of Appeals, the Coastal Carolina Athletic Foundation, and Horry County school district Carolina Forest Advisory Board. He is a member of the Myrtle Beach Area Chamber of Commerce, Myrtle Beach Area Hospitality and Oceanview Baptist Church. Chris is a graduate of Socastee High School in Myrtle Beach, and he received his Bachelor of Arts from the University of South Carolina at Coastal Carolina in 1992.

Rick Elliott

Director

Rick Elliott is president of his family business, Elliott Realty, one of the most prominent real estate companies in North Myrtle Beach. As a native of Horry County, he has always made giving back to the community a part of his approach to business. Each guest who stays with Elliott Realty is given the option to add an additional $1 per night to their bill to be donated to the Elliott Realty Charitable Community Fund at Waccamaw Community Foundation, which invests in causes throughout the surrounding community. Rick brings this commitment to community philanthropy to his service on the Waccamaw Community Foundation Board of Directors. He has also served as the chairman of the North Myrtle Beach Chamber of Commerce.



Tyler Easterling

Director

Tyler Easterling is a native of Marietta, Georgia and has resided in Georgetown County since moving to the area in 2002. Tyler is the president and COO of The Brandon Agency, an integrated marketing agency headquartered in Myrtle Beach. She is the current board chair for Coastal Montessori Charter School and serves on the boards of Helping Hands of Georgetown and Young Presidents’ Organization Southern 7 Chapter. She is a member of the 2018 Liberty Fellowship class.

Tyler holds an undergraduate degree in Journalism from the University of Mississippi and a Masters of Mass Communication from the University of South Carolina. She is an active member of Duncan Memorial United Methodist Church and enjoys spending time with her husband, Marshall, and two daughters, Julia and Anne Marshall.



Terri DeCenzo

Director

Terri serves as executive director of Women in Philanthropy and Leadership for Coastal Carolina University (WIPL). She is married to Coastal Carolina University President David A. DeCenzo, and when he joined the university in 2002, she became passionately involved with the life of the university, taking an active role in issues relating to student government and NCAA athletics, among others. Previously Terri has served on the boards of the American Red Cross and the Foundation for Georgetown Hospital System and was an adviser to the Safe Families Initiative that established Family Justice Center of Horry and Georgetown Counties. In 2016, Terri was awarded the Order of the Silver Crescent by South Carolina Governor Nikki Haley. A graduate of St. Joseph Hospital School of Nursing and Towson University, she spent most of her career practicing in critical care. The DeCenzo’s have four children: Mark (his wife Jen), Meredith (and her husband Ryan Daley), Gabriella and Natalie; and one beautiful grandson, William Mason Evans.


Executive Director, Women in Philanthropy and Leadership for Coastal Carolina University (WIPL)

Dr. Tracy Bailey

Director

Dr. Tracy Bailey earned a Ph.D. in Education with a specialization in Language and Literacy at the University of South Carolina in May of 2013. She is a Teaching Associate with Coastal Carolina University teaching Intermediate Literacy Development and Instructional Practices for Early Literacy.

Dr. Bailey began her career in education as a high school English instructor and has worked in both rural and urban educational settings. After realizing the impact professional development and community literacy had on her personal and professional growth, she wanted others to experience this. She is the founder and executive director of Freedom Readers, Inc., a nonprofit company dedicated to promoting literacy. Tracy seeks to instill in teachers, students, and the community at large the belief that every student can learn and every learner has the responsibility to pass on new knowledge to another.

Dr. Bailey earned her BA from The College of Charleston- majoring in English Education- and a Masters in Secondary Education from Coastal Carolina University. She is married to award-winning writer, Issac J. Bailey, and is the mother of two wonderful children, Kyle and Lyric.



Brent Groome

Chair

A 1987 graduate of UNC Chapel Hill, Brent came to the Grand Strand area in 1989. After a 31 year career with HTC (Horry Telephone Cooperative), he retired in 2021.  In addition to his current role with WCF, he also serves as a member of the Board of Commissioners for HGTC. He is also active with his church; serving as a Sunday School teacher and congregational song leader.  He and his wife, Dana, live in the Conway area.

Shawna Mosley-Foster

Service and Operations Officer

shawna@mywcf.org
843-357-4483 x200

Shawna, a native of Jamaica, NY, has more than 15 years of experience working in the hospitality and tourism field. Since relocating to South Carolina in 2004, she spent a few more years working with a local hospitality company before joining WCF’s staff.  While a native New Yorker, Shawna has a rich heritage right here in the Waccamaw area. Her mother was born and raised on Sandy Island, and her father is from Bucksport. She enjoys cooking, stargazing with her family, cruising and once retired….RVing! Shawna and her husband are empty nesters and resides in Myrtle Beach. 

Mike Mancuso

Executive Director

mike@mywcf.org
843-357-4483


Mike is a veteran business leader with more than 30 years of experience as an innovative problem solver and change agent for nonprofit, banking and small business organizations. Mike is a skilled economic developer with background in community development, downtown redevelopment, industrial development and strategic planning. His passion is helping Communities and Businesses thrive and grow. Most recently Mike served as the President and CEO of the Triangle East Chamber of Commerce & Economic Development Foundation in Johnston County, NC and as Executive Director for the Sustainable Opportunity Development Center, Inc in Salem, OH. Mike and his wife Christine make their home in Little River, SC. They have 3 children and 5 grandchildren living in Charleston, SC, Atlanta, GA, & Austin TX. Mike enjoys boating on the ICW, tinkering in his workshop/garage and spending time with family and friends.