Sift dry ingredients:

Using a sifter or fine-mesh sieve, combine the powdered sugar and cocoa powder in a medium bowl to eliminate lumps.

Whisk glaze to consistency:

Gradually incorporate the cream and vanilla while whisking continuously until a silky, pourable glaze develops. Add water (or milk) as needed. If substituting milk for cream, use 4 to 6 tablespoons of milk and omit the water. For a thicker glaze, adjust with an additional teaspoon of water until it's smooth and thick. Ideal for dipping donuts or drizzling over cookies, muffins, or cake. Yields enough for a minimum of 12 donuts.