A Path to Philanthropy

A Look at the Donor Advised Fund of the Community Foundation 

Establishing and running your own nonprofit for the purposes of charity is no easy business. There’s the cost, plus the legal headaches, hiring of employees, compliance, auditing, and more. For many, it’s simply not a viable method, no matter how resourceful they are. That’s why the donor advised fund (DAF) exists: a charitable giving account that allows you to contribute to the causes you love most and receive an immediate tax deduction, with stewardship through a sponsoring organization. That organization, for many Gableites, is the Coral Gables Community Foundation (CGCF).

“A lot of people don’t know that our main work is to hold donor advised funds and work with families and companies to advance their philanthropy,” says Mauricio Vivero, CEO of the CGCF. “Think of us as a philanthropy bank…. The way that we reinvest back into the community is really by executing the visions of the families that we have the honor of supporting, and that means making grants locally, nationally, and even internationally.”

Many of these grants come from donor advised funds, which Vivero describes as “a checking account with a nice tax advantage.” As Adam Carlin, managing director and private wealth advisor for Carlin Wealth Management at Morgan Stanley, explains, You can contribute cash, securities, even complex assets into [a DAF]. The funds can even grow tax-free in the meantime, potentially increasing what you’re able to give. It’s like having your own family foundation, but with fewer costs, less paperwork, and more flexibility.

DAFs are especially useful for those who have experienced an unusually high-income year, or for those who hold appreciated assets. The legacy aspect is also a plus. Vivero says many donor-advised funds help introduce and engage the donor’s children and grandchildren in philanthropy – turning charitable giving into a shared family value across generations.

We interviewed five community leaders with donor advised funds at the Coral Gables Community Foundation, and found that, while the causes close to their hearts may differ, they all have an innate desire to support their community. What follows are their stories.

Michael & Oriana Walsh

[DAFS Are] Widely Used In My Business And By Anyone In Financial Services…

As a former chair of the Coral Gables Community Foundation and a principal for wealth management firm Evensky & Katz / Foldes, Michael Walsh was uniquely prepared for setting up the Walsh Family Fund at the CGCF. “My company works with a lot of clients who are philanthropically inclined, and the donor advised fund is a vehicle that they use to fulfill their philanthropic impact and to teach stewardship to the next generation of their family members,” he says. “It’s widely used in my business and by anyone in financial services.”

The Walshes describe three reasons why they love their donor advised fund: simplicity, local expertise, and increased impact. Oftentimes, philanthropists who don’t set up a fund or charity are sending myriad checks, wires, and credit card payments out, which makes it difficult to keep track of who received what and what to write off on their taxes at year’s end. With a donor advised fund, however, “we just make one transfer each year,” says Michael. “From there, we create grants from the fund itself. So, the only thing I need to provide to my CPA at the end of the year is the confirmation from the one transfer we made from our account into our DAF.”

Local expertise is another defining factor, especially with so many organizations vying for philanthropists’ time and money. Michael and Oriana tell the Foundation what they want to focus on – for them, it’s been education – and receive recommendations for local nonprofits with that same mission. The Foundation can even connect them to other donors with similar interests so they can multiply the money (and impact) for those charities. And, of course, with a donor advised fund, “We’re able to change where we can deploy those funds when we see more of what the community needs,” Michael says.

One of their current focuses is on the Friendship Circle of Miami, which promotes inclusion for individuals with special needs. They also work with the Coral Gables Museum, the Make-A-Wish Foundation, the Coral Gables Art Cinema, Coral Gables High School, and Legal Services of Greater Miami.

Kaiser Ahmed & Nitasha Yacoob

“We knew education was always big for us, but we didn’t know that it was our calling…”

Both Kaiser Ahmed and Nitasha Yacoob were born in India, where “the poverty is very up close and personal,” says Ahmed. Now living in Coral Gables, the couple is particularly motivated to give back, and they found their calling in the Coral Gables Community Foundation and its rapidly growing scholarship program. “I read up on so many different kids’ lives, how they grew up, their struggle, why they’re applying for a scholarship, and what they want to do once they graduate,” Ahmed says. “We knew education was always big for us, but we didn’t know that it was our calling.”

Through their donor advised fund at the Foundation, Ahmed and Yacoob primarily support the scholarship program, which recently awarded over $3 million to local high school students, due to donors like Ahmed and Yacoob. But while education is a focus for the family, they also appreciate the flexibility offered by the Foundation to explore other areas of charitable giving. “They really try to make sure that they expose us to what we are passionate about,” says Ahmed. “They’re always thinking about how to do it, in a way where you can have multiple purposes or passions.

To that end, Ahmed and Yacoob are also planning to donate to Alzheimer’s research through their donor advised fund at the Foundation. It’s a cause close to Ahmed, whose father is currently struggling with the disease. “It’s heartbreaking, and when something touches you that emotionally, you want to do something,” he says. The Foundation is helping the family identify nonprofits aligned with that goal.

Meanwhile, the couple’s young elementary- aged children are being exposed to the spirit of giving, which is important to Yacoob and Ahmed’s larger goal of educating the next generation. “As they get older, we’re going to tell them, ‘This is what we do every year and how we support the community and other kids. So, this is bigger than just the two of you.’ Hopefully, that gets them motivated and they actually see that their parents are standing up for something that they believe in,” says Ahmed.

Bill Bonn and Ruben Ceballos

“One has to be civically engaged, so we believe in donating our time as well as money…”

Driving around Coral Gables, you can literally see the impact Bill Bonn and Ruben Ceballos have made in the city. There is the work and dollars they’ve donated to restoring the Alhambra Water Tower, the trees their money helped plant in the commercial district, and the surprisingly welldressed high school football players at Coral Gables High whose shirts and ties came from the couple’s generosity. “We have many different interests,” Bonn says modestly.

These interests go beyond just Coral Gables, however. “We spend summers up in Cape Cod, and there’s an organization there [the Center for Coastal Studies] that saves the whales from being trapped in lobster traps,” says Ceballos, who shares a love for animals with Bonn (and their eight rescue pets). “We try to get involved wherever we are.”

Bonn sums things up succinctly. “Ruben and I share three important values…. One is responsibility for one’s surroundings – not just your immediate neighborhood, but your city.

Number two is compassion for others, both humans and animals…. And three, one has to be civically engaged, so we believe in donating our time as well as money.” In that vein, Bonn has served on multiple nonprofit boards, including the Coral Gables Community Foundation’s. Together, the couple has donated to myriad local organizations – including the Coral Gables Museum, the Art Cinema, the Miracle Theatre, and GableStage, amongst many others – largely through the Community Foundation. They describe the Foundation as being “like the U.S. Constitution…. It’s a malleable document that can move and shift to address the needs of citizens over time.”

That’s part of what made them decide to open their own donor advised fund, which they are still investing in and growing to become a legacy centered around local causes. “The costs associated with running a private foundation can be staggering. Here, it’s all set up. It’s a piece of cake,” says Bonn. Ceballos adds, “Rather than creating a competing priority with your own organization, it’s better to just continue supporting [the Foundation] and making it stronger.

Michael and Rene McCarthy

“You don’t need to manage the administrative burden of running a private foundation…”

For Michael and Rene McCarthy, giving back isn’t just a value – it’s a family tradition. Through their donor advised fund at the Coral Gables Community Foundation, they’ve found a way to make their philanthropy more strategic, impactful, and deeply rooted in the community they love. “A donor advised fund is like a charitable investment account,” Michael explains. “You contribute to the fund, receive an immediate tax benefit, and then recommend grants to nonprofits over time.”

What drew them to a DAF was the simplicity. “You don’t need to manage the administrative burden of running a private foundation: no board meetings, filings, or overhead. Instead, you can focus on impact,” Michael adds. “It also provides flexibility to give to multiple organizations and adapt as [our] priorities evolve.” Most of the organizations they donate to are involved with education and community enrichment. “We believe in creating opportunities for young people and supporting programs that make Coral Gables vibrant and inclusive,” says Rene. Among the many grants they’ve given, one stands out – a scholarship that directly changed a high school student’s life. “Hearing their story reminded us why we do this. It’s about changing lives in tangible ways,” she says.

Beyond donating dollars, the McCarthys also believe in the value of donating time, which is why Michael will be stepping into the role of Community Foundation Chair in January. He describes joining the Foundation as a “turning point” in his life.

Giving is something the McCarthys hope to instill in their young daughters. At the dinner table, conversations about various causes the family cares about are common. The couple even lets their daughters help choose which charities receive their contributions. Generosity is “a part of who we are” in the McCarthy household, says Rene, backed up by years of philanthropy and a simple philosophy: give where you live. “Partnering with the CGCF means we’re part of something bigger, helping neighbors and shaping the future of the city we call home.”

Mike and Bekki Haggard

“There are so many people doing great work right here… get involved. They need you.”

As former public defenders, Mike and Bekki Haggard are no strangers to adversity. “You really see the disadvantage, you really see people that need help in a stark way and how unfair life can be,” says Mike. “That really inspires you to give back.” Bekki adds, “We’re not so different; we just have different circumstances.”

The couple has multiple causes close to their hearts, including prevention of gun violence and research into polycystic kidney disease (PKD), an illness Mike struggled with before he received a kidney donation nine years ago. Part of that mission includes hosting the yearly PKD Casino Night for a Cure at the University of Miami’s alumni center. “It always comes back to Coral Gables,” says Mike.

The Haggards use strikingly intentional language to describe their aims. They’re “dedicated to finding a cure” for PKD; gun violence is “something we can stop.” Their methods are simple and bold, going beyond donating money to creating opportunities for others through actions – even establishing the role of a living donor coordinator at Tampa General Hospital (TGH), where Mike had his kidney transplant. “People were just going on dialysis and waiting for a kidney. Nobody was trying to find a living donor,” says Mike. After the couple funded the new program at TGH, living donor transplants increased by a whopping 100 percent in the next year. “It just shows that with philanthropy and a little innovation, you can really make a ripple effect,” says Mike.

To Bekki, there is a “misconception” that the world is all about hoarding wealth. “Our philosophy is quite the opposite,” she says. “My founding philosophy is: if I can, I will.” Mike adds, “There’s nothing like knowing you’ve made a difference. There’s no car, no jewelry, nothing in the world as valuable as that.” Asked what they would tell others who are considering opening a fund at the Community Foundation, Bekki says “Just do it!” Mike laughs and echoes her sentiment. “There are so many people doing great work right here… Get involved. They need you.”