donor advised gift fund (DAG)
Fellowship Baptist Stewardship Services Society (FBSSS) is a service and ministry of Fellowship Pacific. It is a registered Canadian charitable organization and is therefore eligible to issue official donation receipts for income tax purposes
Charity #894008457RR0001
The purpose of the DAG Fund is to allow donors to make gifts to the FBSSS, receive an immediate receipt for income tax purposes, and have the funds disbursed to charities of their choosing over a period of up to ten years.
In addition to cash gifts, donors can donate listed securities (such as publicly traded stocks) as a gift-in-kind directly from their brokerage account to the Society’s brokerage account. The Income Tax Act provides an exemption from capital gains tax on the deemed disposition of these securities. (As an alternative, if the donor were to sell the securities and then give away the net proceeds, 50% of any capital gain would be added to their income and taxed, reducing the amount effectively available to give to charity.)
Many receiving charities do not have brokerage accounts, so our DAG Fund can help in several ways:
Receiving the securities from the donor, with the brokers doing all the necessary paperwork
Issuing an official donation receipt for tax purposes for the value of the securities on the date of transfer
Selling the securities (because the Society is a registered charity it pays no tax on any capital gains, as would an individual)
Disbursing the net cash proceeds to registered charities as directed by the donor.
Using the DAG Fund ensures confidentiality and privacy. Gifts can be made anonymously if the donor wishes.
No fees are charged by FBSSS for the administration of funds.