Faq Categories

Donor Advised Fund Questions

  • I pay tax in the UK, but I’m not domiciled here. Do these tax reliefs still apply?

    You can still benefit from charitable tax relief if you are a non-domicile, as long as you pay UK tax. We also have the use of an offshore bank account for those who need this. Go to our Gift Aid calculator to discover more about the tax benefits for both you and the charity.

  • How do I set my account up?

    Get in touch with us today to discuss the opening of your DAF.

  • How much will it cost to have a Prism DAF?

    We charge at a not-for-profit rate, however, the cost of running your DAF depends on the level of administration required. Get in touch with us to find out more.

  • Do I have the ability to have my funds asset managed?

    Prism recognises that many individuals would like their charitable assets managed by the same wealth manager that manages their personal wealth. We give the individual the flexibility of choosing who manages their funds in their charity account.

  • How do I know my money is secure?

    Like any charity, Prism operates according to the regulation of the Charity Commission; the organisation that regulates charities in the UK. Prism has a carefully selected board of trustees (see “About” for the full list of trustees) who oversee the strategic direction and governance of Prism. Should a donor be in a position where they want to remove the money that they have donated to Prism, they are able to onward gift it to another charity.

  • What are the tax benefits?

    There are a multitude of benefits with charitable giving. Go to ‘How to Give‘ and use our tax calculator to calculate your potential benefits for both you and the charity.

Foundation Admin Questions

  • Does Prism create an initial grant making strategy for foundations and manage in depth monitoring and evaluation?

    No, Prism does not do offer this service but we can refer you to highly regarded organisations and consultants in the market.

  • Where will my Trust or Foundation be registered?

    Your Trust or Foundation can use Prism’s UK address. We provide day to day secretarial services, such as answering calls and receiving post.

  • Does Prism handle grant applications?

    We can act as your registered address, receiving and assessing any applications for funding. Prism liaises with applicants and can ensure they send through receipts and progress reports if they are successful.

  • How much does Prism charge?

    The charge varies depending on the level of administration that is required by your Trust or Foundation. Our fee is a flat charge that is invoiced on a quarterly basis.

  • Can Prism manage our board meetings?

    As an additional service, Prism can prepare and minute your board meetings. If required, we can also provide you with a meeting room in our offices in central London. Please get in touch if this is something that would be of use.

  • What services do you offer Trusts and Foundations?

    Prism offers a wide range of services to support the daily needs of an operational Trust or Foundation. We can set up bank accounts, handle the daily book keeping, liaise with charities and act as co-signatories for payments, work with asset managers, prepare board papers, look after the trustees and much more.

  • What is a Grant Making Foundation?

    A Grant Making Foundation is a charitable entity that usually makes grants to other charities, sometimes in the UK and sometimes abroad.  Prism supports a number of Grant Making Foundations in the administration of their day to day operations.

Collective Fund Questions

  • How much does it cost to have a Prism Collective Fund?

     

    Our charges are set at a not-for-profit rate and are bespoke to each collective fund depending on your specific needs. There is an initial opening fee in addition to ongoing quarterly fees, which cover our administrative overheads and are tailored for each fund.

  • What is a Collective Fund?

    A Collective Fund is a charitable account set up under the auspices of Prism, benefiting from the use of our charity number. Prism provides charitable governance and financial infrastructure to groups of individuals fundraising for a specific charitable aim. We therefore enable you to focus on the cause and the fundraising, whilst we provide the administrative expertise.

  • How can people donate to my fund?

    There are three ways a Collective Fund under Prism is able to receive donations. A branded online donation page is created upon registration, allowing worldwide donations to be efficiently received. Bank transfers and cheques can also be received into Prism and then administered to your fund, enabling donors to reach us via their preferred method of choice.

  • How do we open our account with Prism?

    To open a Collective Fund account or to find out more about our services please send an email to info@prismthegiftfund.co.uk, or alternatively call us on 020 7486 7760. Following an initial conversation, the next stage in the application process would be the completion of Prism’s Collective Fund Questionnaire.

  • Does Prism help me with my fundraising?

    We provide you with the charitable structure to raise your funds in a tax effective way, however, the fundraising is down to you. We are experts in our field, and we do know other organisation that offer fundraising advise, however, this is not something we offer.

  • What is Gift Aid?

    Through opening a Collective Fund under Prism, you also gain the ability to claim back tax on donations via Gift Aid. The government provides Gift Aid at a rate of 25p to the pound, meaning that for every pound raised by a UK tax payer a further 25p would be donated by the government. This enables a greater amount of funds to be received by your cause, furthering the benefits of registering under Prism’s charitable umbrella.

  • Am I eligible for a Collective Fund with Prism?

    If you’re fundraising for something in particular, but don’t want to set up your own charity, or if you’re overseas and want a presence in the UK, then you may be eligible for an account with us. Visit ‘Collectives Funds’ for more information.

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