Frequently Asked Questions
Q: What is the required contribution to my savings account?
A: Your initial contribution to open a Charitable Savings Account is $250. There is no minimum requirement for subsequent contributions.
Q: How often may I contribute to my account?
A: As often as you like.
Q: What is the minimum requirement for recommending grants from my account?
A: $10.00 per recipient.
Q: How do I receive a receipt for my contribution to my account?
A: A receipt is issued by email. The summary report of all transactions in your
account is also printable.
Q: May I allow funds to accumulate in my account in order to grow into
a substantial amount?
A: Yes, and many donors do so. You can wait up to five years between deposits and
nominations, providing you nominate at least 5% of the balance every year.
Q: Can someone other than myself or my family make a contribution to
be credited to my donor advised fund?
A: Others can write a check made out to America's Best Charities and mailed to the ABC office with a memo that the funds are to be applied to your account. This is the only way that someone other than yourself can receive a tax deduction for a gift made to your CSA.
Someone else may use the online system to make a credit card gift if you give them your login credentials (but we do not necessarily recommend this). It is important to note that someone else who logs in to your savings account online will not be able to receive a tax deduction for the donation since the deposit will be seen as coming from you, the account holder.
Q: If our club creates a CSA, who will get the tax deduction?
A: The club itself, if the club is the entity that makes the gift to ABC. The members
receive the tax deduction if it is the individual members who make the gift to ABC.
Q: Can I contribute non-cash or non-stock gifts, such as real estate?
A: No, ABC can only accept check, credit card, or securities contributions.
Q: If I use a credit card are there any processing fees deducted?
A: A 2.5% credit card processing fee is deducted from the deposit amount.
Q: Can someone other than myself make nominations for distributions
from my account?
A: Yes, anyone with whom you share your login credentials.
Q: I’m an employer. Can I have an at-work fund drive using the
ABC system and let my employees fund their charitable savings accounts by payroll deduction?
A: Yes. The employer needs to make special arrangements with ABC to facilitate
reporting. This is easily done. Inquire by email to email@example.com.