United Way of Rhode Island (UWRI) CEO and President Anthony Maione announced that the organization’s largest single donor advised fund of $500,000 was received this week from an anonymous donor. Facilitated by community leader and financial advisor Lorne Adrain, the donation creates The Zennovation Fund at UWRI. The fund is advised by the donor through UWRI’s recently developed online giving tool, MyFund.
MyFund was released in 2017 to serve a growing number of donors seeking the ease and flexibility of giving online. The product has brought in more than $800,000 in new funds at United Way this year, against a goal of $250,000. “MyFund could bring in $1 million in new accounts by the close of our fiscal year on June 30, 2018,” says Maione, “which ultimately supports our organization-wide goal of $12.8 million.”
“One of the things we know is that giving is deeply personal—every donor has a unique story, whether the donor is an individual or a family, or corporate foundation,” said Maione. “MyFund was created with the donor in mind, to consolidate a donor’s charitable giving into one account while offering convenience and security. We are very pleased with the response from the community, and with the trust we have among financial advisors who recommend us. I am particularly grateful to Lorne Adrain for connecting us with his client, an anonymous donor with a passion for the community.”
“The strength of the local United Way brand, aligned with a unique, online tool that makes giving to multiple charities quick and easy, was something that solved several issues for my client,” said Lorne Adrain. “At the time of donation, my client can electronically transfer funds to United Way and receive a tax receipt for that donation. The thoughtful decisions about which charities to support can happen over time, which was important for my client. The fact that MyFund is offered without any fees at all was also a very attractive benefit.”
“Unlike traditional donor advised funds that charge fees based on fund value, we are able to offer MyFund without passing along any fees to the donor or to the nonprofits,” said Maione. “We’re fortunate to have our administrative fees covered by a trust fund that was established by Royal Little, the founder of Textron. The trust enabled us to develop the MyFund platform, which provides donors with the ability to quickly and easily make gifts to any 501c3 in the country, using a cell phone, laptop, tablet or desktop. MyFund is a flexible tool that puts the donor in control.”
Offered exclusively through United Way of Rhode Island, MyFund is a free, online banking experience that makes charitable giving quick, easy, and secure. An account can be established with a minimum pledge of $1,000. MyFund donors distribute their funds to any 501c3 in the country, including schools, universities, and faith organizations. MyFund is available for the individual donor, as well as for family and corporate foundations.
About Lorne Adrain
Lorne Adrain has a national life insurance practice focused on corporate and estate planning applications. He is an active philanthropic and community leader who has worked with business, nonprofit and government leaders throughout Rhode Island and across the country. He earned his MBA from the Harvard Business School, and a B.S. from the University of Rhode Island.