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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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Social Entrepreneurship
Spotlight
Sustainable Principles for an Innovating Nigeria
The Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight of the nation’s leading banks, that covered nine key areas: environmental and social risk management, environmental and social footprint, human rights, women’s economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting.