A Donor-Advised Fund (DAF) is a charitable account. DAF holders put money into the account and then decide which charities to support later. These accounts are managed by organizations like banks or foundations.

Here's how it works: When you put money into a DAF, you can't get it back - it's permanently set aside for charity. You get a tax deduction right away when you deposit funds. After that, you recommend which charities receive grants from your fund, either immediately or in the future.

The managing organization handles all the paperwork and checks to make sure the charities are legitimate before sending out the money.

It's a convenient way to get immediate tax benefits while keeping control over where your charitable dollars eventually go.