A donor-advised fund (DAF) is a charitable giving vehicle that allows donors to make contributions, receive immediate tax benefits, and recommend grants to nonprofits over time. Donors may deposit cash, securities, and/or other financial assets into a DAF at a public charity while retaining the ability to advise on how their assets in the fund will be invested and deployed for charitable purposes.

There are significant variations in DAF options and provider models, but generally, advantages of DAFs include flexibility, administrative convenience, pooling of funds to enhance scale, and cost savings on administrative expenses compared to setting up a foundation or individualized giving. DAFs also have some disadvantages. These include more limited longevity than foundations, higher deductions on certain types of gifted assets, and potentially some limitations on enforcing donor intent, although that is rare. DAFs also have particular limitations on hiring consultants and staff, which can be a challenge for donors working at a certain scale. Overall, DAFs are an increasingly utilized type of philanthropic vehicle.