### Question
Can you define what donor advised fund means?


### Answer
**Donor advised fund** is defined as the following in *26 U.S.C. § 4966*:

> a fund or account—


(i) which is separately identified by reference to contributions of a donor or donors,


(ii) which is owned and controlled by a sponsoring organization, and


(iii) with respect to which a donor (or any person appointed or designated by such donor) has, or reasonably expects to have, advisory privileges with respect to the distribution or investment of amounts held in such fund or account by reason of the donor's status as a donor

#### Citation:
  - *26 U.S.C. § 4966*
  - Heading: **Subtitle D-Miscellaneous Excise Taxes > CHAPTER 42-PRIVATE FOUNDATIONS; AND CERTAIN OTHER TAX-EXEMPT ORGANIZATIONS > Subchapter G-Donor Advised Funds**

