As the CEO of Homeboy Industries and a former corporate executive, Thomas Vozzo recently wrote an op-ed in Philanthropy News Digest expressing his support for charitable giving reforms that would ensure donations made to charitable intermediaries, like donor-advised funds, get to working charities in a timely manner. In the op-ed, he makes the case that getting charitable dollars into our communities faster would make a significant difference for the thousands of charities like Homeboy Industries – the largest gang intervention, rehabilitation and reentry program in the world – that support individuals in need.
Read excerpts from Thomas Vozzo’s op-ed below:
“Unlocking charitable dollars means more comprehensive mental health services, workforce development programs, housing initiatives, and access to education, among other services critical to meeting those needs and truly making a difference in the lives of thousands of Angelenos. For nonprofits likes ours and many others, it is critical to ensure that charitable funds actually reach nonprofits in a timely manner.
The fact is, however, that tax rules once designed to get resources to charities now facilitate warehousing resources in charitable intermediaries instead. What used to be a simple connection between charitable tax benefits and benefits to charities has been broken.”
“According to the California Association of Nonprofits, the state loses more than $340 million each year as a result of deductions related to DAF donations alone. This matters because warehousing these donations means less money and fewer resources for charities on the front lines of tackling society’s compounding issues such as homelessness, climate change, and massive inequality.”
“Supporting the ACE Act and getting charitable dollars into our communities faster would make a significant difference for the thousands of charities like Homeboy Industries that support individuals in need.”
Find the full text of the op-ed in Philanthropy News Digest here.