Knights of Columbus has announced the launch of the Knights of Columbus Charitable Fund, which is modeled on community foundations like The Cleveland Foundation or Silicon Valley Community Foundation. Knights of Columbus Charitable Fund will serve as a way for Catholics to create charitable funds and direct charitable giving on an individual, family, or community level. There’s nothing quite like this, and I expect it will become a major part of the culture of Knights of Columbus:
Knights of Columbus, one of the largest Catholic philanthropic organizations in the world, today announced a new affiliated vehicle for donors called “Knights of Columbus Charitable Fund” (KCCF). KCCF allows donors to open donor-driven accounts, recommend charities to which donations can be sent through a safe, secure and confidential portal.
Carl Anderson, CEO of Knights of Columbus, said, “Catholics today are looking for opportunities to demonstrate their faith and to support organizations that reflect their values. They want to direct their charity to organizations easily and efficiently.”
The addition of a donor-advised fund option satisfies a unique customer and market niche that is a powerful tool for maximizing philanthropic impact on organizations that align with Catholic values and teachings. Donor-advised funds have become the fastest-growing segment of charitable-giving vehicles due to their flexibility and simplicity. Assets in the donor-advised fund are invested tax-free with no distribution requirements, excise taxes, or other reporting requirements for the individual donor. Donors can make a current charitable contribution, receive an immediate potential tax benefit, and then recommend grants from the fund over time. And tax-free investing over time can result in larger ultimate gifts for charities.