Year-End Strategies and Donor Advised Funds

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Year-End Strategies and Donor Advised Funds

Owaiz Dadabhoy: Alright, so we’re gonna move right into our presentation. So, I have some questions for both Monem Salam, today, and Muhi Khwaja. And Monem Salam is the Executive Vice President of Saturna Capital. He is a fund manager for some of the Amana Mutual Funds. And he’s also an individual portfolio manager for clients that have in excess of a million dollars to individually manage their accounts at Saturna Capital. And then, Muhi Khwaja is Co-Founder and the Executive Director of the American Muslim Community Foundation. We’ve invited him here today because our talk today is about year-end strategies and the Donor Advised Fund because the Donor Advised Fund actually comes in really nicely, especially if you need to make some big decisions at the end of the year or if you’re planning for next year, as well. So, Monem, what I wanted to ask you is, you know, what are some things from your point of view—because you’ve been around with Saturna managing Amana Funds and talking about the Amana Funds since 2003—what are some common things out there that you see that people could be planning for before the year end? 

Monem Salam: Thank you very much, Owaiz, and As-salamu alaykum to everybody. So basically, there’s a few things I wanted to mention. I can probably kind of categorize thinking about year-end into two different ones. One is on distributions and the other one is on contributions. And so, when you look at the distribution part of it, there’s a few things that come to mind. And these aren’t in any particular order, but it is something that you want to keep in mind as to how you might want to think about year-end and taxes and those things. So, number one is a Roth conversion. If you have a 401(k) or an IRA, and you know, this year being such a volatile year, maybe even for your income, if you are maybe possibly reporting a lower income than you normally would, then you might want to think about moving your traditional IRA money or your 401(k) into a Roth and you end up paying tax earlier, but at the same time, in the longer term, it might come to benefit. The other one is IRA distributions, right? You might be, again, looking at it at a time if you are, this year particularly, looking at lower taxes, then you might want to increase those distributions from the IRA to be able to kind of catch up on those and you don’t have to use them, right? You can keep them in an investment, invest it into another account, or do other things as well. Number three is qualified charitable distributions. I know Muhi is going to talk about this a little bit later so I’m not going to get too detailed into it, but basically you can take money out, directly from your IRA and put it into a charity and what that does is it allows you to be able to take advantage of the adjustable gross income category. Number four is gifting. And there’s two different ways we can think about doing that. The first one is basically if you have an opportunity, you know, $15,000 you can give to one of your children or your grandchildren and if, you know, if you have multiple children and multiple grandchildren, you can easily see how that number could actually add up really quickly. That $15,000 is basically a gift tax exclusion. The other way you can actually give more than that, actually, just maybe if your children or your grandchildren are in college, just offer to maybe just pay for all of that as well. That was on the distribution side. Now, on the contribution side, you have to kind of look at it in a different way, and that is that you might want to make a calculation to see how much money you have put into your 401(k) and your Roth, or your traditional, and then maybe try to catch up for the rest of the year. So, for example, if you’re running at a rate of maybe finishing the year at $15,000, you might want to increase that number on a monthly basis to be able to get to that $19,500. Same thing with the Roth or the traditional. Hopefully you have until April 15th to do it for next year. Usually, most experts will tell you that the sooner you start investing your money, the better off you’re going to be. So, that’s another way you can do that. And then, the third one, as far as this year is concerned, is that if you do have an option for a high deductible policy, then Health Savings Account is another good option for you to be able to put money into and be able to take advantage of the deductions and also the tax deferred growth. If you are finding yourself basically looking at, you know, having to catch up, then what I would recommend to you by the end of this year is to basically make it so that you can make a contribution on a monthly basis starting next year so you don’t have to play catch up toward the end of the year. It makes it a lot easier with dollar cost averaging, and if the markets are volatile like they were this year, then you get an opportunity to be able to invest your money at a lower market value. And the last thing that I wanted to mention is about tax-loss harvesting, right? And that is, basically, if you do have capital gains this year, or you have some capital losses, you can offset those with some gains or losses on the other side to be able to not have to pay any capital gains tax. So, those are the types of things that I would kind of consider looking at when thinking about year-end.

Owaiz Dadabhoy: Okay. So, you mentioned that, for example, if you had an IRA account and you’re able to put in $7,000 this year. You’re saying cap it off this year, get to the $7,000 so next year, you mentioned, you can do monthly contributions. So, how would that work, and what are the benefits of that?

Monem Salam: So, like I said, top it off for this year and then sign up for monthly contributions and what that does is multiple things. Number one is it’s basically set it and forget it, right? So, once a year all you have to do is maybe, as the IRS increases the amount of money you can put into an IRA, you can raise it by that amount. At the same time, what it allows is to give you a better cash flow for the entire year. You know exactly how much is coming out every single month for these types of contributions. And the third thing, as I mentioned, is dollar cost averaging. And that is that, for example, if you had to play catch up now, you’re already playing catch up with a market that’s gone up since the lows of March, you know, very close to about 50% on the Dow. And so, you want to try to take advantage of that if, you know, if the market goes down next year—which markets always go up and down.

Owaiz Dadabhoy: So, the market is up now, this part of the year, but if you would have looked at it in March or April at any given point, it might have been down 10%, 15%, 20.

Monem Salam: Interestingly enough, Owaiz. You know, back in March and stuff, when we were talking about strategies to implement, I think both of us had mentioned the idea of maybe trying to catch up for the rest of the year even in March so that you could take advantage of the dip. But a lot of people can’t do that because of cash flow reasons or not having the money, but the next best thing would have been to be able to at least put some money in, in March or April. And you would have easily done that automatically if you had something set up on a monthly basis.

Owaiz Dadabhoy: So, when can qualified accounts... so, like, qualified accounts are tax beneficial accounts like Education Savings, Health Savings, IRA accounts... what is the last time someone can contribute for 2020? Even though we’re mentioning, we should try to do it by end of year. What’s the final time they can do it?

Monem Salam: It’s by the tax deadline, right? So, that’s April 15th of next year.

Owaiz Dadabhoy: Unless they change it again.

Monem Salam: Unless they change it.

Owaiz Dadabhoy: Yeah, exactly. So, you mentioned giving gifts. You can do that through a minor account. $15,000 per person. What about an Education Savings Account? What’s the maximum there that people can put in this year and, you now, do you have any other thoughts on that particular account?

Monem Salam: Yeah, just to recap, right? The 401(k) allows you about $19,500. A Roth and a traditional IRA are $6,000. HSA allows you $7,100. And the last one that you just mentioned, the Education Savings Account, that, basically, you’re putting money into a child’s account that’s up to $2,000 per year, per child. And you can do that, and money will grow tax free as long as you take it out for education purposes. So, you know, you might think, as college tuition rates are rising, you might think $2,000 is really not that much to do, but if you do it consistently over a period of five years, ten years, fifteen years, you’re going to see that money add up.

Owaiz Dadabhoy: Okay, very good. And one of the accounts that we really haven’t talked a lot about... it doesn’t affect everyone, but it affects more and more people out there every day, is the Health Savings Account. Can you talk a little bit more about the benefits there and the tax advantages?

Monem Salam: Yeah, so, you have to, basically... it’s called a Health Savings Account, an HSA, but you have to couple that with a high-deductible policy as your health insurance policy. So, that, what happens is either through yourself or along with an employer, you’re allowed to put in $7,100 per year into an account. You can take it out at any time, even during the year that you put it in for medical expenses, whether it be premiums, you can take it out for dental, vision, or any other emergencies that happen throughout the years that are medically related. And I know, Owaiz, you like to talk about this a lot. It’s called a triple tax benefit, or a triple benefit of the HSA. So, you can help me with that. So, the first one is that when you put the money in, it’s actually tax deductible. So, you’re saving money automatically. Then, the money actually grows on a tax deferred basis. That’s the second advantage there. Then, in your retirement, when you take the money out, or when you take the money out for medical reasons, that’s actually tax free on the way out, as well. So that’s the triple benefit that you’re getting, and no other account actually has that, so if you do have the capability of getting a high deductible policy health insurance policy and an HSA, it’s highly recommended that you do that.

Owaiz Dadabhoy: Absolutely, if you have high deductible health insurance clients, it’s almost an essential thing to do, to start up a health savings account. And Monem listed the tax benefits. The other benefit is if you’re putting the money into an investment type account, like if you get it at Saturna, through the Amana Mutual Funds, let’s say you put in the maximum, right? $7,000 per family and you had a number of different expenses come up this year. You file them away in a folder and you don’t actually take the money out of your Health Savings Account. The next year you put another $7,000 and you keep holding onto the receipts, then you can count up how much you had, call up Saturna and say, “Send me $14,219 from my HSA,” and they’ll just ask you if you have the receipts. You’ll say yes, okay? Keep them. And you’ll get a check in the mail. Now, the beauty of doing this is you can use the growth of the market to potentially increase what you put in. So, if you put in $7,000 and you hold it there for a good period of time, that could, of course increase if your funds are doing well. So, Monem, we may come back to you at some point near the end but at this point, thank you very much for all of those words of advice and, you know, good information. We’re now going to move to Muhi Khwaja who we invited from the American Muslim Community Foundation. And he’s going to talk about another way to have a tax advantage and something to plan for, for the year and for next year. And so, Muhi, welcome, and please take it away.

Muhi Khwaja: Thank you so much. I’m really honored to be a guest talking with each and every one of you and Bismillah al-Rahman al-Rahim. So, the American Muslim Community Foundation started in 2016. And we’re really focused on philanthropy in general. That’s charitable giving. For us, it’s zakat and Sadaqa. And how do donors and non-profits in their ecosystems also work together. So, as you can see, there are over 700 community foundations in the United States, and these could be region-specific. They could be issue specific. And you know, there’s definitely thousands of family foundations and, you now, even within the Muslim community, the family foundations necessarily don’t have staff. They don’t have processes in place. But we wanted to bring American Muslim identity in the United States in the community foundation atmosphere. And AMCF is the first and only that was developed for the Muslim community and by the Muslim community in doing so. We have presented at national conferences on charitable giving, on what zakat means and how to engage Muslims and non-profits and everything like that. So, from the professional standpoint of being a thought leader in the community when it comes to best practices, we’re participating in that arena but then also at the grassroots level of how to engage non-profit organizations and share best practices with them... we’re doing that as well. So, the main service that AMCF provides—and there are four—one of the main ones is Donor Advised Funds. Really quickly, I’ll just name the other services so that you’re aware of what AMCF does overall. In additional to the Donor Advised Funds, AMCF also does giving circles for families to contribute together and then decide holistically where to distribute Funds to. And then, for non-profit organizations, AMCF also hosts endowments or waqfs. And then also provides a service called Fiscal Sponsorship. So, there’s more information on all of those services on our website but we wanted to hone in on today is Donor Advised Funds, or DAFs. So, really, the way that it works is, you know, you were talking about HSAs and FSAs and it’s similar in the sense that a Donor Advised Fund is a charitable giving account for you and your family that, when you put assets or money or mutual funds into this account, it provides you with an immediate tax benefit and you get to then select all of your charities from that point forward. So, some of you maybe got an extension to file your taxes, or earlier this year you were scrambling to collect all of the donation receipts from the various amounts of charities that you support. Had you given to a Donor Advised Fund, you’d only need to deal with one receipt coming from AMCF, which allows you to hold onto that balance. AMCF gives you the receipt. AMCF works with religiously ethical and socially responsible investments and we then allow you to select the non-profits you want to support. In that process, AMCF vets the charities and works with the charities to fill out a form so that we can make sure that these charities are up to date with their state registrations, with their 990 documents with the IRS and so on and so forth. You indicate that you want to make the donation and AMCF sends a check or a transfer of funds to that charity on your behalf. And at the end of the month, we always share a donation receipt summary with the charities and also you get to see what your balance is as well. So, there are definitely a lot of benefits to giving to a Donor Advised Fund. Of course, we talked about there being one tax receipt, but it also allows you the flexibility of setting the money aside now, maybe you calculate your zakat in Ramadan. Maybe you decide at the end of the year where you want to distribute to. But it allows you to plan your giving more effectively in efficiently. And the fact that you get the deduction when you make the gift and you receive the receipt from AMCF, you can still hold on to those assets in your Donor Advised Fund throughout the year, pass it on generation to generation, and you get to grow your balance tax free by investing for future charitable giving growth. Again, you get to lean on AMCF’s expertise as we work with non-profits every day and we can help you as a philanthropic advisor find different causes to support. Again, you get to mention how much of your charitable giving is zakat or Sadaqa. We can keep track of that for you. As some of you know, you can calculate your zakat but then you have one year to distribute it as well. So, we provide you with that flexibility and ease of mind to make sure that you’re distributing the right amount and looking at multiple charities to give to as well. So, I mentioned, we vet the charities that we work with and then you can name your DAF after a loved one to honor someone in your family. You can name it after your family. You can still call it a family foundation, but this allows you to set up multiple Sadaqa Jariya projects through one entity. And we can help you research whether it’s a water well that you want to establish in a developing country or a school that you want to build. We can help you analyze which countries at what cost point and everything like that. And finally, you get to pass the balance on to your kids or you can identify beneficiary organizations to partner with your will to say that you want to distribute X amount, or a percentage, to a different charity through a Donor Advised Fund. And a Donor Advised Fund is very complementary to creating a trust—a charitable remainder trust or a charitable annuity trust—that will you allow you also to make charitable distributions more efficiently. So, this is something that Monem and Owaiz can probably speak to far more eloquently than I can, but in terms of being able to utilize the funds in assets that you have at Saturna and Amana Mutual Funds, you can essentially distribute all of your charitable giving through your appreciated assets. Let’s say there’s a great return on the market and it’s been performing really well. You can donate appreciated Mutual Funds or stock that you held onto for more than a year and you get the current market value as your deduction. So, you’re being able to give more because, should you cash that out, you’re going to be hit with tax, the capital gains tax. So, this allows you to use your appreciated assets, donated to a non-profit organization, such as AMCF, and then distribute it to multiple charities after that. So, you only need to make one request and we work with you to give the fair market value on the date that it was transferred, and you can also, then, reduce any future capital gains tax by repurchasing at the current market value, should you also want to add more mutual funds into your portfolio after making a distribution. So, here’s an easy user case analysis. Many of us, we like to support multiple organizations and, you know, maybe you give $500 here, $1,000 there, or $10,000, to other organizations. But, in user case 1, if you had to give to multiple charities, you have to make multiple transactions and you have to work with your stock provider to brokerage firm to indicate a transfer multiple times. You’re going to have to follow up with multiple non-profit organizations for the receipts, for their updates. And often times, the organizations may not follow up with you. They’re short-staffed. They don’t have the resources to give you the information in a timely fashion. But to make it a little bit easier by donating with a DAF, you can, up front, do a combination of assets and cash, and again, avoid that capital gains tax. The best part is you can invest your balance—again—whatever you put into your Donor Advised Fund, for future charitable growth. And again, you get one tax receipt, and we keep track of your zakat for you. The one thing that I’ll mention here as well is the CARES Act passed earlier this year. And for 2020, there are specific opportunities for families to give with cash at more advantageous rates. You can give up to 100% of your adjusted gross income whereas in years past, it was only up to a certain percentage for a business or an individual. So, 2020 in particular is a really good opportunity to learn more about how you can make the most advantage of charitable giving. And so, as I mentioned, we provide a report to the non-profit organizations so that they know if the gift was for a specific project, it the gift was zakat, if the gift was from a certain person, or you can have anonymity as well. And we’ll just indicate that it was a gift from AMCF. So, you, as the donor, you get to see which non-profits you’ve given to. Again, the breakdown of zakat or Sadaqa, and you’re able to see your balance in these reports. So, in order to open up a Donor Advised Fund, we ask that you start with a minimum contribution of $2,500. And the reason we chose that is the research from Giving USA shows that the average charitable household gives about $3,000 a year. The American philanthropic community, last year in 2019, gave $450 billion. And it’s phenomenal to see how many non-profits benefit from charitable giving overall. So, our effort at AMCF and through working and focusing on Muslim philanthropy is to see how much of that charitable giving is done and impacted by the Muslim community. So, we ask that you open up a DAF for a five-year commitment. When you give to non-profits that you make it a minimum contribution of $100 and if you’re interested in learning more, you can text “DAF” to 71441 or visit our website as well.

Owaiz Dadabhoy: Okay. I think you just had some final numbers here about fees and whatnot. We’ll leave that up there for people to take a look at. And I wanted to ask you a question. So, how can a DAF be best used to maximize contributions? Financial... you know, basically, like if you put in... you’re paying $3,000 in zakat every year, you know, you put in $3,000 to the DAF. That’s like the FSA model that we’re talking about. What’s a better way?

Muhi Khwaja: It allows you to then use those funds, hold onto it, invest it, allow the market to appreciate those assets, whereas if you’re just giving that $3,000 to different charities, it’s just going to go to their organization, their operations, and do meaningful work, but how can you be more strategic? How can you be more impactful with that same amount of money? And make it go a little bit further. And that’s by having a Donor Advised Fund. That’s by investing that balance for it to grow and appreciate and mature and then make those contributions to the charities you want to support.

Owaiz Dadabhoy: If you’re having a particularly great year in the stock market, you’ve purchased some companies, maybe last year, this year... you know, at some point, you’ve crossed the one-year threshold and you have a massive gain in the stock and you’re thinking, you know, I’ve come to the last frontier with this particular company that I own. Let’s say you have a large amount in there. I mean, paying $5,000 a year in zakat. You could actually put $50,000 into a Donor Advised Fund, get the donation amount for the full amount this year, and then you can pay out the zakat each year. $5,000 a year, whatever it is, that you need to pay. So, you know, there’s ways to use this in a way that helps you with your tax advantage but also to grow the money. So, is this only for Muslims or can anyone come in and use the AMCF model?

Muhi Khwaja: Yeah, so, Donor Advised Funds, they’ve been around since the early 1900s but, you know, we’re specifically trying to bring this best practice to the Muslim community. If there is somebody who wanted to open up a DAF with us that doesn’t identify as Muslim, we’ll definitely still work with them but I think there is some value to—even allies—opening up Donor Advised Funds at AMCF because it then showcases the impact that, you know, you or I as an individual, if we give to a charity, say, The Red Cross, or to the American Cancer Society, they’re not going to know that we are motivated by our faith to be giving those funds. But when they see a check or a transfer coming from the American Muslim Community Foundation, it allows us to build more positive interactions with our community. So, whether that’s your local food bank, your alma matter, a hospital, and, you know, we definitely have people of other faiths who are supporting AMCF and we definitely value that allyship and partnership.

Owaiz Dadabhoy: So, you mentioned a few different large organizations out there and some ideas like food pantries. How many different charities can a donor choose from at AMCF?

Muhi Khwaja: That’s a great question. And we have our vetting process, which I mentioned, but even today, in our non-profit directory, we have over 500 charities that have registered with AMCF. And let’s say there’s an organization that you give to that isn’t in our database, the non-profit simply fills out a form and we review that form and add them into the directory.

Owaiz Dadabhoy: Got it. Very good. Where does the money go? So, if somebody puts in $5,000, where is that money going to sit?

Muhi Khwaja: Yeah. So, you know, as I mentioned, we have the ability to invest your contribution. And some families are straightforward. They say, “You know, we only want to use the DAF for the future of consolidating our giving.” And maybe they make their contribution to us right before Ramadan and then we distribute the whole balance within Ramadan. So, there isn’t that much opportunity to work with that specific family to invest. But many of the families have, on average, balances between $10,000 and $20,000. You know, Hamdullah, some of the families have six figures in their DAF. But what we want to focus on is the aspect of being able to invest your balance and continue to grow your balance before you make those distributions. And some families, they set up a DAF and they say, “I want, whatever the return on the investment is to then be distributed to charities,” So they’ll say, “2% of the return, I want to go to X and Y charities. 3% of the return, I want it to go to A and B charity. So, there’s a lot of opportunity for you to then become more strategic with your giving through these means.

Owaiz Dadabhoy: Final question, here. I think we were talking before about the CARES Act.

Muhi Khwaja: Yeah.

Owaiz Dadabhoy: We have, at Saturna, we have many clients, Amana Mutual Fund clients, that receive the required minimum distribution every year.

Muhi Khwaja: Right.

Owaiz Dadabhoy: Some of them have no need whatsoever for the money, right? Because they have other money that they’re using but they’re required to take out this percentage each year. So, you were mentioning something about how assets can be transferred and what the benefits might be for folks in that situation.

Muhi Khwaja: Of course. If you’re in the category of being somebody in my parents’ age range, over 71 ½ or 70 ½, you have the benefit of qualified distribution that, again, you need to take, but if you don’t need that money to rely on for your living expenses, you can contribute directly from your IRA to a charity up to $100,000 annually. Now, imagine putting that $100,000 into a Donor Advised Fund. And you’re going to be able to set up your charitable giving and be more strategic, very easily, through your IRA. Now with the CARES Act of 2020, which we referenced earlier, if you are 59 ½ or older, you can possibly have the same value of a cash distribution through your 401(k) but that, of course, is something that you want to talk to a financial advisor and wealth management advisor about before making any decisions. But you may be able to offset your taxes by taking that distribution if you’re 59 ½ or older from your IRA and putting it towards a Donor Advised Fund.

Owaiz Dadabhoy: So, this is very helpful where somebody has that 401(k) or the IRA. They’re RMD stage, Required Minimum Distribution. Instead of withdrawing the money and then giving it to a charity, paying the tax and then having to make the transfer, instead what we’re talking about here is making the transfer directly from your IRA or 401(k) into this Donor Advised Fund or to a charity.

Muhi Khwaja: Yes.

Owaiz Dadabhoy: And usually you would receive a tax donation receipt saying, “Hey, you gave $100,000.” Just keep in mind, to those that are going to do this. You’re not going to get advantaged twice. 

Muhi Khwaja: Right.

Owaiz Dadabhoy: If it’s a traditional IRA and you transfer $100,000 or $5,000. Let’s say it’s $100,000. When that $100,000 goes over, you’re not paying tax on it. That is your tax advantage. You’re not going to come back later and then say, “By the way, here’s $100,000 I gave, give me a compensation for the donation.” You’ve already had your compensation because you did not get taxed on that money. So, just an important point, but definitely something that people should take advantage of. The reason why we had the performance numbers here is because AMCF has started using the Amana Mutual Funds as well. So, if you open an account with them, you’re going to get the advantage of having some of the largest Islamically based mutual funds in the world at your service as well. Now, Monem, you’re back with us as well. Monem and Muhi, do you have any thoughts on any of this that we’ve talked about today? And then we’ll go to questions from our audience.

Monem Salam: Thank you, Muhi, for making that presentation. That was really beneficial for our audience. The only thing I would say is that we still have about a month, two and a half months, before the end of the year, but I think it’s probably not the best time to start it. It’s not good to start in December. Start planning for now. Do take advantage of the months we have left, take a look at what different kinds of contributions you can make, whether you need to open up a DAF or not, and really start acting on it as soon as possible.

Muhi Khwaja: Of course. And just as Owaiz had on the slide, we work with over 85 families across the country who have Donor Advised Funds with us. We’ve given out more than $2.9 million to charities. We have also worked with eight giving circles that have hundreds of families distributing to different charities. So, you know, it’d be an honor to work with you and your family to talk about your philanthropic goals. You know, look at the legacy that you and your family want to leave and how we can utilize your wealth and your assets to be a part of that conversation. So, happy to answer any questions that you may have.

Owaiz Dadabhoy: Okay. So, I see some information on the chat group, but I only see one question. It was a private one. But it basically says, “Can you pull out the funds, presumably with some tax implications?” So, I do know the answer but let’s have Muhi answer that one. Let’s say this gentleman has put in $5,000 into your Donor Advised Fund and decides that he wants that money back. What happens with this?

Muhi Khwaja: Yeah, so, the relationship that exists between a Donor Advised Fund and the individual is that, in legal terms, since AMCF is providing you with the tax-deductible receipt, is you have given those funds to AMCF to manage on your behalf. The end recipient of a Donor Advised Fund always has to be a 501(c)(3) charity. So, unfortunately, we can’t make a payout back to an individual, but we can always honor your intent of fulfilling a gift to a charity of your choice.

Owaiz Dadabhoy: Very good. Do we have any other questions from anyone?

Muhi Khwaja: You mentioned that donation of appreciated stocks get tax deduction at current market value. So yes, although you maybe had the funds or stocks of, you know, any company or Amana Mutual Funds, for a decade or more than a year, and they’ve increased in value. When you transfer those assets to AMCF, we give you the current market value of the day of transfer. So, you will then get a receipt for that amount. The way that we calculate our shares is the average of the high and low based on the open and close. And your tax advisor will be able to give you the exact amount. So, our receipt will say, “You provided X amount of shares of whatever fund or stock,” and then we will give you a receipt that indicates the high and low of the day of transfer.

Owaiz Dadabhoy: So, as we’re wrapping up, just keep in mind that we’ll be doing this every single month and if you have particular types of topics that you’d like for us to get into, please do let us know. You can email me at [email protected]. And if you have questions, if you want to follow up on something from today, you can always email me and we can get the right person to talk to you as well. I don’t see any other questions and I do thank Muhi from AMCF and I thank Monem Salam for joining me monthly on these. We love doing these. And we thank all of our clients that joined and potential clients as well. We thank you very much for doing that every single time and we bid you pleasant farewell. As-salamu alaykum (peace be upon you).

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The Amana Funds are distributed by Saturna Brokerage Services, member FINRA/ SIPC and a wholly-owned subsidiary of Saturna Capital, investment adviser to the Amana Funds. 

Saturna Brokerage Services and American Muslim Community Foundation are not affiliated.

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We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Investors should not assume that investments in the securities and/or sectors described were or will be profitable. This podcast is prepared based on information Saturna Capital deems reliable; however, Saturna Capital does not warrant the accuracy or completeness of the information. Investors should consult with a financial adviser prior to making an investment decision. The views and information discussed in this commentary are at a specific point in time, are subject to change, and may not reflect the views of the firm as a whole.

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