The Board of Enderby Foundation has made the decision to cease operations as a private foundation and transfer its assets to a Donor-Advised Fund (DAF)with Schwab Charitable. The Board agreed that the advantages listed below made this change the best choice.1. Ongoing Maximization - Schwab DAF offers lower ongoing expenses which maximizes assets available to distribute. Schwab also provides all ongoing administration, record keeping, reporting, compliance with state and federal regulations and tax filings. 2. Flexibility in donations - Private Foundations are required to distribute at least 5% of their assets each calendar year. DAF's have the flexibility for donors to take their time to deciding when and where to give. Therefore, Enderby Foundation transferred all its funds to Schwab DAF and was terminated in September 30, 2023. Schwab Charitable Donor-Advised Fund: stocks ($1,224,690) and bonds ($509,897) at a fair market value of $1,734,587 in total.
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