GoFundMe introduces Giving Funds, a donor-advised fund program allowing individuals to donate to 501(c)(3) nonprofits with tax benefits. Traditional DAFs are typically offered by financial firms like Fidelity, Schwab, and Vanguard. You can donate as little as $50 and bundle donations to exceed the standard deduction. Total charitable donations hit a record $592.5 billion last year, with individual giving rising 8.2% to $392 billion.

GoFundMe’s DAF has no minimum to open an account and no fees, managed by GoFundMe Giving Fund with banking from Goldman Sachs. Contributions can grow through investment options from BlackRock and Vanguard. Donors can leave a tip to sustain funding operations. Other firms may require a minimum initial contribution of $5,000 to $25,000 to open a DAF.

Donor-advised funds allow donors to grow their charitable dollars tax-free and maximize the impact of their giving. DAFs are increasingly popular for effective charitable giving over time. Consider your age and assets when choosing between a DAF and a qualified charitable distribution (QCD) from retirement accounts. QCDs are available to IRA holders age 70 1⁄2 or older and exclude distributions up to $100,000 annually from gross income.

Read more at Yahoo Finance: Feeling charitable? GoFundMe creates a new way to give money.