Facilitated by community leader and financial advisor Lorne Adrain, the donation creates The Zennovation Fund at United Way. The fund is advised by the donor through MyFund.
“Every donor has a unique story, whether they’re an individual or a family or corporate foundation,” said UWRI CEO and President Anthony Maione. “We developed MyFund with the donor in mind, as a way to consolidate all of their charitable giving into a single account.”
MyFund was released in 2017 to serve a growing number of donors seeking the ease and flexibility of online giving. Since its launch, MyFund has brought in more than $800,000 in new funds at United Way, 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. We are very pleased with the community’s response, and with the trust among the 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 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.”
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.
Offered exclusively through UWRI, MyFund is a free, online tool that makes charitable giving quick, easy, and secure. An account can be established with a minimum pledge of $1,000. Donors distribute their funds to any 501c3 in the country, including schools, universities, and faith organizations. MyFund is available for individual donors, families and corporate foundations. For a limited time, new MyFund donors will receive an additional $100 to designate to the charity of their choice.