Before going to the trouble of setting up your own private foundation, read more about what a donor advised fund at our community foundation can offer.
| Toronto Foundation Donor Advised Fund | Private Foundation | |
|---|---|---|
| Start up | Less than a week. No cost. | Establishment and charity registration can take 6-12 months. Legal costs starting at $7,000. |
| Minimum fund balance | $10,000 to $25,000 in 2 years depending on the type of fund. | $5 million recommended minimum. |
| Ongoing costs | Annual philanthropic services fees range from 1%-1.5% depending on the fund. Investment management fees are market based and charged monthly to individual funds. *Learn more about our fees in the learning opportunities row. | Costs vary depending on complexity, but can include: legal, tax, insurance, accounting, record keeping and staff. |
| Administration and CRA reporting | None | Process donations; select charities; administer grants; manage assets; keep records; file annual return (T3010) to CRA; annual corporate filing; submit financial statement and manage surplus/deficit etc. |
| Governance | Handled by Toronto Foundation. | Donor must recruit and maintain board of directors/investment managers. Donor accountable for establishing and maintaining all policies and structure. |
| Charitable distribution requirements | None | Annual distribution of 5% of assets required. |
| Grantmaking | Easy and automated ways to grant regularly. Donor recommends grants to be approved by Toronto Foundation’s Board of Directors. We can help you define and act on your philanthropic priorities. | Foundation board and/or staff arrange and support grantmaking. |
| Learning opportunities | *Our fees enable us to offer research illustrating Torontonians’ greatest needs, targeted donor education guides and resources, along with learning sessions and opportunities to connect with community leaders. | Foundation board and/or staff must arrange for educational opportunities. |
| Investment management | Our investments are managed by RockCreek, with the oversight of our Board of Directors and Investment Committee. For more information, please read our Investment Policy. | Trustees/directors set the Investment policy, and either manage the funds directly, or hire professional investment managers and monitor their performance. |
| Privacy | Donor information and financial information is not disclosed. Grants can be made anonymously. | Financial information posted on the CRA website and is widely available. All grants are disclosed. |
Download a PDF of this table.
Let's talk
Connect with Aneil Gokhale – Director, Philanthropy at Toronto Foundation
416.921.2035 ext. 212