How Do I Open an Account?
There are three simple steps to opening your own ACP Charitable Gift Account:
- Establish the account (with an ACP Account Application)
- Fund the account
- When you’re ready, recommend grants to a qualified U.S. charity (ACP Nominate a Grant to Charity Form)
As you Establish an ACP Charitable Gift Account, you will be asked to:
- Take some time to review the ACP Procedure Guide.
- Decide who will be involved in the account. You may set up an account as an individual or with other donors, such as family members. You may also name additional “nominators,” who will share your authority to recommend grants. A nominator may submit grant recommendations and request the rebalancing of investment pools.
- Consider a name for your account. For instance, you can honor your family (The Johnson Family Fund) or highlight your charitable goals (The Johnson Fund for the Arts).
Fund Your Account
ACP will accept contributions of cash or publicly traded securities, including stocks, most mutual fund shares, and bonds. Cash contributions must be denominated in U.S. dollars and delivered by check or wire only. ACP will also try to accommodate less traditional assets (e.g. land, art, etc.) subject to Board approval. Any contribution accepted by ACP will be considered irrevocable and unconditional. It is important to note that once contributions are accepted by ACP, they are not refundable and are assets owned and held by ACP.
In general, a charitable contribution is deemed made for tax purposes when the property to be contributed is put beyond the donor’s control, even if the property is not yet under the control of the charitable grantee (in this case, ACP). This can be an especially important issue when contributions are made close to year-end and a deduction is desired in the same calendar year.
You’ve opened your account, and funded it … now you’re ready to Nominate Grants to Charity.