GoFundMe Giving Funds FAQ

Below are answers to common questions to help you feel confident and informed every step of the way when using your GoFundMe Giving Fund. 

How does the GoFundMe Giving Fund work?

GoFundMe Giving Fund is an independent 501(c)(3) public charity. It is a donor-advised fund sponsor that receives, holds, invests, and distributes your charitable contributions in accordance with IRS guidelines. You contribute money to your account and receive a tax deductible receipt at the time of contribution. You can then donate (recommend a grant) from your account, specifying the charitable organization and the amount of the grant over time, while your funds remain held by GFGF.

Donations can only be distributed to qualified 501(c)(3) public charities, which includes a broad range of charitable organizations.  

Do I need a financial advisor, a personal trust, or a tax accountant to use a DAF?

You don’t need a financial advisor, a personal trust, or a tax accountant to use your Giving Fund, but you may choose to consult a tax professional depending on your financial situation. 

How does using the GoFundMe Giving Fund impact my personal taxes?

Donations to your Giving Fund are eligible to be tax deductible at the time of contribution because GoFundMe Giving Fund is a 501(c)(3) public charity. You can download a tax receipt with all your contributions in a year. Consult your tax advisor for more specific information.

Could this negatively affect my taxes?

No, as long as you follow the IRS guidelines for DAFs, using your Giving Fund shouldn’t cause tax issues. However, since each person’s financial situation is unique, we recommend speaking with a tax advisor if you have concerns.

Can I withdraw my money from my GoFundMe Giving Fund?

No. Contributions to your Giving Fund are irrevocable, meaning they cannot be refunded or withdrawn. This is a requirement for the tax benefits associated with donor-advised funds. To learn more, please consult our article on cancelling a donation or contribution.

Is this like a savings account?

Not quite. It’s more like a 401K, HSA, or FSA in that you can invest funds while you are thinking about where to donate them, but it is not a savings account since you give up all custody and control of amounts when you contribute them. Funds are irrevocably contributed which is why you receive an immediate tax deduction and once contributed they can only be used for donations to qualified 501(c)(3) public charities.

What if I want to donate to an individual?

DAF contributions cannot be used to support individual fundraisers or personal causes. You can only recommend grants to qualified 501(c)(3) public charities.

Can I donate non-cash assets?

Yes. GoFundMe Giving Fund currently accepts contributions through bank transfers, credit/debit cards, Google pay, Apple Pay, and stocks/ETFs. Non-cash assets like crypto are not yet supported but are coming soon.

When will I be able to write off the tax?

The tax deduction goes into effect immediately after contributing to your Giving Fund. That’s when your charitable donation is officially made, and you may claim a deduction for that tax year.

Can you set up recurring contributions?

Yes, when contributing to your Giving Fund you can easily toggle your contribution to be monthly. 

Review this article for more information about recurring contributions.

What happens to money I’ve contributed but haven’t donated?

Funds stay in your Giving Fund until you donate them (recommend a grant). You can also set up investments so that your charitable funds can grow over time.

How long can funds be held by GFGF and where are the funds held?

Funds can stay in your Giving Fund indefinitely, as long as there’s some donation activity. If no donations are made for two years and we can’t reach you, GoFundMe Giving Fund will transfer the remaining balance into its Board-designated account to be used for charitable purposes at the discretion of the Board.

All contributions are held by GoFundMe Giving Fund, a 501(c)(3) public charity, and managed according to its Investment Policy. Once contributed, funds are under the exclusive custody and control of the Giving Fund and can only be used for charitable purposes.

Where is the money being held?

Your funds are held by the GoFundMe Giving Fund, a 501(c)(3) public charity, and managed in accordance with charitable standards and our user agreement.

How will the nonprofit be notified of my donation?

After your donation is confirmed, GFGF will notify your chosen nonprofit via the contact information listed in public nonprofit databases. This contact typically includes an email notification with grant details (amount, donor info if shared, and disbursement timeline).

How will the nonprofit receive my grant?

Grant funds will be delivered based on information from public nonprofit databases. Delivery of the grant can be via mailed check or electronic funds transfer, depending on what’s on file or available through GFGF’s data sources.

Will I be notified when my donation is verified and sent to the nonprofit?

Yes! You can track the status of your donation anytime in the Fund Activity section of your Giving Fund. You'll see when your donation is submitted, verified, and completed, so you’re always in the loop.

Will the nonprofit know that I’m the one who sent the donation?

When making your donation, you can choose whether or not the nonprofit receives your information. If you’d like them to know the funds are from you, check the box that says "I’m happy to provide this charity with my name and email".

Does GoFundMe make money from my Giving Fund?

GoFundMe Giving Fund is a separate, independent 501(c)(3) public charity. It has engaged GoFundMe, Inc. to provide administrative, technical, and operational support, but GoFundMe Giving Fund retains full custody and control over all contributions and is responsible for ensuring they are only used for charitable purposes.

The Giving Fund currently does not charge administrative fees to maintain your Giving Fund account. Any applicable fees (such as payment processing or investment management fees) or tips are outlined transparently and are used to support the operation of the fund.

Still have questions? Please visit our GoFundMe Giving Funds Help Center for more information!

Does the GoFundMe Giving Guarantee apply to my Giving Fund?

No. Donations made through a donor advised fund (DAF) are excluded from coverage under the GoFundMe Giving Guarantee. All contributions to your Giving Fund are irrevocable under the laws governing DAFs and once contributed, these amounts can only be used to support eligible 501(c)(3) public charities. You get an immediate tax deduction for money added to your DAF because you legally give up custody and control when you contribute the funds.

While it means refunds aren't available, it also means you can feel confident that your generosity will go directly toward making a meaningful impact. You make recommendations where to grant your funds and retain full control over when you want to donate. You can view the status of each donation in your Fund Activity section.

Still have questions? Please visit our GoFundMe Giving Funds Help Center for more information!

Can I add a successor?

GoFundMe Giving Funds account holders can recommend a successor advisor, or someone to assume advisory privileges on their Giving Fund account in the event that they pass away or become incapacitated.

This successor advisor will have the ability to grant funds still in the account to a registered 501(c)(3) charity of their choice. They can also choose to leave or invest the funds to grant at a later date.

To add a successor advisor, the account holder will need to provide this information about the successor:

• Full name
• Phone number
• Email address
• Mailing address

You can also review this article about adding a Giving Fund beneficiary on our GoFundMe Giving Funds Help Center. Or if you have more questions, check out this blog article with additional FAQs.