What is a donor-advised fund in Schedule D?

A Donor-advised fund in Schedule D is more like a charitable investment account that is maintained and operated by section 501(c)(3) organizations for the sole purpose of supporting charitable organizations. 
Generally, a donor-advised fund must be 

• Separately identified by reference to contributions of a donor or donors.
   
• Owned and controlled by a sponsoring organization.
   
• For which the donor or donor advisor has or reasonably expects to have advisory privileges in the distribution or investment of amounts held in the donor-advised fund or account because of the donor's status as a donor.

Every account is composed of contributions made by individual donors. Once a donor contributes, the organization has legal control over these funds.