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“IT’S A GREAT WAY OF GIVING,” says Shridhar Mittal on opening a fund at CFT for his company, ITKO. ITKO is a leading provider of service simulation solutions for developing applications in composite and cloud environments. Mittal’s company joined Entrepreneurs For North Texas in 2008 and opened a donor-advised fund in 2011.
“Usually, if a person wants to give they have to spend a lot of time to find information about what causes are available and most people don’t have the time. So, the fact that CFT and EFNT do such a good job of identifying worthy causes and make it easy to make a donation is very helpful.” Fund administration manager Carolyn Newham says, “Once a fund is established, making grants to worthy nonprofits is easy. Most donors use our online system. If donors want more information about nonprofits in the community or in a specific area, they can use the DonorBridgeTX.org portal or talk with our team for personalized counsel. Our goal is to enhance the experience and impact of giving.”
Donor-advised funds, like ITKO’s, are the most popular type of fund at CFT. As an alternative to creating a private foundation, the donor-advised fund has fewer administrative burdens, greater flexibility and more tax benefits.
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Anji and Shridhar Mittal, CEO ITKO
With a $10,000 minimum to open, the donor or company makes contributions to the fund and retains the ability to advise CFT with specific recommendations on how grants are made. Opening the fund is just what Mittal needed to maximize his and his company’s philanthropic giving. “It was a very efficient process,” Mittal says, “and that’s what businesses like mine need.”
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