A donor-advised fund is a charitable giving account held at a sponsoring charity: you take a tax deduction when you put cash or investments in, then recommend grants to charities over time.
Once you contribute, the sponsoring organization legally controls the money. You keep advisory privileges: you recommend how it is invested and which charities receive grants. Sponsors are public charities, such as community foundations and the charitable arms of large investment firms.
DAFs are often used for bunching: putting several years of giving into one tax year to clear the standard deduction, then granting it out over the following years. Giving appreciated stock you have held more than a year generally lets you deduct its market value and avoid the capital gains tax you would owe if you sold it first.
Contributions are irrevocable, and grants can't pay for anything that benefits you. A QCD from an IRA can't be sent to a DAF.
How to check
Compare sponsors' administrative fees and investment options. If an advisor manages your DAF's investments, ask whether those assets are included in the balance they bill on.
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