Santa Claus opens Santa CAUSE Donner-Advised Fund
It isn’t often that Blue Grass Community Foundation (BGCF) makes a public announcement about a new charitable fund. But when the fund is established by the most generous person on the planet, it is a newsworthy event.
Kris Kringle (aka Pere Noel, St. Nicholas, Pelznickel, Sinterklaas and, most famously, Santa Claus) has partnered with BGCF to create “Santa CAUSE,” a donor advised fund that will help Kringle organize his charitable giving so he can spend more time making gifts for every child in the world.
“The staff at BGCF are all definitely on my Nice List,” said Kringle. “With their help I’m able to make grants to many nonprofits, but I only have to keep track of one charitable receipt. And their local knowledge and expertise helps inform me of exciting new opportunities where I can lend my support.”
Kringle established the fund through a gift of appreciated stock in a publicly traded peppermint company, which gave him the added benefit of avoiding capital gains while receiving his tax deduction.
“The IRS is consistently on my Naughty List,” said Kringle. “My charitable fund helps me maximize my tax benefits from the gifts I’m already planning to make. It’s a real win-win, like having a candy cane in your hot cocoa!”
The new fund is actually the first “Donner-Advised” fund at BGCF. Kringle has named his long-time lead reindeer as co-advisor to the Santa CAUSE, meaning the two will share the decision-making on where they will direct their charitable dollars.
Kringle wanted to make his charitable contributions before year-end, but was concerned he wouldn’t have time to get things set up. (December is, after all, his busiest time of year) But the staff at BGCF were able to get his fund established within a couple of days, allowing him to focus his immediate attention on toy distribution.
Kringle is also working with BGCF to establish E.L.F. (Employee Lift Fund) as a way to provide assistance to his elves when they face financial hardships. “I’ve always tried to help out my staff when they were in need,” said Kringle. “Through our employee assistance fund at BGCF we can provide help in a way that provides a tax deduction for the business and doesn’t place a tax burden on the employees receiving the help.”
You don’t have to be as generous as Santa to open a charitable fund at BGCF. Many funds require no minimum amount to open. To learn more about making your charitable giving more efficient, contact Scott Fitzpatrick at [email protected], or call 859.2253343.