By leveraging a Donor Advised Fund (DAF) at Cobb Community Foundation, the DeWitts found a way to turn their financial strategy into meaningful generosity. Keep reading to discover how their giving is making a difference—and how a DAF could be the right tool for you.
When Terry and Teresa DeWitt moved to Cobb County in 2008 to help launch First Landmark Bank, they were planting roots in a community they would call their own for many years to come. As the bank grew and evolved through multiple mergers, Terry retained a leadership role and now serves as President of the Atlanta Division of SouthState Bank.
As founders of a successful bank that eventually went public, much of the DeWitt’s portfolio was in SouthState Bank stock. Recognizing the risks of a concentrated asset, Terry prioritized diversification. While selling stock was an option, the capital gains taxes would have been significant. Instead, he and Teresa opened a Donor Advised Fund (DAF) at Cobb Community Foundation (CCF), choosing an asset that would have a greater impact in the hands of charity than what they’d net after taxes.
While there were many options available for donor advised funds, they chose Cobb Community Foundation. “I couldn’t imagine setting up a Donor Advised Fund anywhere else,” says Terry. “Everything they do is for the community…my community.”
What is a Donor Advised Fund?
A DAF is basically a charitable giving account that allows donors to contribute assets that are most tax-advantageous to them, time their tax deduction for when it’s most beneficial, and distribute grants to nonprofits when they are ready.
