Please see this article for the full list of rules and restrictions. The relevant portion of the article is quoted below:
While every sponsoring organization may have its own rules or guidelines for the donor-advised funds that they manage, the following DAF rules will apply to every sponsor and corresponding account:
While there are no contribution limits on how much a donor may contribute to a DAF, some sponsors may require a minimum contribution and/or a minimum grant amount. A DAF might be required to keep a percentage of its assets in liquid investments such as money markets or publicly-traded securities.
All contributions to the DAF are irrevocable and cannot be taken back once they are gifted. All donated assets belong to the sponsoring organization, with the donor maintaining advisory and grantmaking privileges.
All grant recommendations from DAFs must be approved by the sponsoring organization. A grant recommendation can be rejected if it violates the organization’s standards or guidelines.
All grants must go to an approved private operating foundation or a public charitable organization recognized by the IRS. All grants must be approved by the DAF sponsor and can support qualified charitable initiatives including:
religious and social service organizations
food banks and hunger alleviation
arts and culture
the environment
animal welfare
educational institutions
DAFs may be used to support an existing or start a new scholarship fund at any eligible charitable organization or institution. However, the grants cannot support scholarships where the donor or any family members may be eligible recipients. The grant also may not be used to pay the tuition of any specific individual.
No grants can be made from a DAF to benefit a specifically designated individual.
Donors cannot receive a personal benefit from DAF grantmaking, nor their advisor or any family member, except the charitable deduction. Also, grants from a DAF cannot be made to political parties or candidates, private non-operating foundations, or certain supporting organizations.
Donors may not use DAF funds to fulfill a personal, legally binding pledge. The donor can make a recommendation to the sponsoring organization for multi-year commitments that are not treated as a legally-binding pledge.
DAF grants cannot be used to pay for tickets to events, galas, or auctions or used to cover membership fees unless the cost is fully tax deductible. Grants cannot be used to pay for items or services purchased or won at a charity auction.