We are philanthropists and leaders of major foundations dedicated to making sure philanthropic dollars reach working charities and the communities they serve.
Charitable Giving Reforms
While many have given generously to address today’s crises, charities are currently experiencing significant — and sometimes existential — challenges, right when people need them more than ever. We’re seeking new ways to boost and accelerate funding to charities, including fixing the inefficiencies in our charitable giving tax laws. Currently, $1 trillion sits in private foundations and $120 billion sits in donor advised funds (DAFs) — money that could be used to support millions of people. A short list of common-sense reforms offer a solution that could significantly increase and accelerate the resources flowing to working charities.
To ensure payout distributions from private foundations reach working charities, close the loopholes in the payout requirement and incentivize greater payout through reforms to the excise tax.
A common-sense approach to donor-advised funds (DAFs) would be to adopt measures to make sure DAF accounts are distributed to working charities within a reasonable period of time.
To incentivize greater giving by individuals, expand and extend the new non-itemizer charitable deduction in a cost-effective way.