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Donor-advised funds, which allow donors to store money in a private account and have it directed to charities without having to set up a private foundation, are a popular way to donate in the US.
They're also a hot topic in Canada, where they're being criticized for taking advantage of tax breaks and loopholes, and in the US, where they're being called for more transparency and accountability, per a Saturday Seminar article in Nonprofit Policy Reform.
Donor-advised funds were first introduced in the US in the 1930s, but have grown in popularity in recent years, with $230 billion in assets and $52 billion in distributions to charities as of 2022, per the National Philanthropic Trust.
The problem, critics say, is that the funds are stored indefinitely, meaning they're not made available to charities as quickly as they should be.
There are two types of DAFs: one that would require funds to be distributed within 15 years and another that would offer immediate tax benefits for funds distributed within 50 years.
The proposed Accelerating Charitable Efforts (ACE) Act, introduced in 2021, would do two things: It would require funds to be distributed within 15 years and offer immediate tax benefits for funds distributed within 50 years, while also imposing minimum annual distribution requirements similar to
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A customized collection of news from foundations from around the Web.
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The Public Interest Law Foundation at Boston College Law School has been awarded a $225,000 three-year grant from the Cummings Foundation to help students provide pro bono legal services in...more
Foundation: Stocker Foundation
The Stocker Foundation has released its latest round of grants, with 109 projects receiving a total of $1.52 million. The grants, awarded to eight communities across the US, aim to lessen the...more
The Otto Schoitz Foundation has given more than $1.5 million to groups that help people of color, veterans, and those facing poverty in Iowa. The Des Moines Register reports the WATERLOO,...more
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Gates Foundation Pledges $50 Million to Fight Ebola Epidemic
The Bill & Melinda Gates Foundation has pledged $50 million to support emergency efforts to contain the threat caused by Ebola in West Africa.