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Statement on the Fiscal Year 2023 Budget Request
WASHINGTON, DC – The Initiative to Accelerate Charitable Giving (IACG) today issued the following statement on the inclusion of reforms around transfers between private foundations and donor-advised funds in the Fiscal Year 2023 Budget Request: “The Fiscal Year 2023 Budget Request includes a welcome acknowledgement that …
Devex: Bill to overhaul donor-advised funds introduced in US House
Two U.S. House representatives on Thursday introduced their version of a bill that they said would free up more than $140 billion in charitable gifts by limiting how long philanthropists can keep their money in donor-advised funds, or DAFS, which currently have no payout deadlines. …
The NonProfit Times: Changes To DAF Rules Drafted, Again, On Capitol Hill
Congressional representatives introduced companion legislation this week that would set timelines on when donations to donor-advised funds (DAF) would have to be distributed to working charities. The Accelerating Charitable Efforts (ACE) Act, introduced by Rep. Chellie Pingree (D-Maine) and Rep. Tom Reed (R-N.Y.) with Rep. …
The Chronicle of Philanthropy: Legislation Intended to Speed Up Giving Gets a Boost in Congress
The Chronicle of Philanthropy reported on the House introduction of the ACE Act by Representatives Chellie Pingree (D-ME) and Tom Reed (R-NY), among others. Read below for excerpts from the Chronicle of Philanthropy’s story: “A bipartisan set of tax proposals intended to speed up distributions …
Nonprofits, Community Foundations, and Other Philanthropic Leaders Applaud the House Introduction of the ACE Act
Today, Representatives Chellie Pingree (D-ME) and Tom Reed (R-NY), and others, introduced the Accelerating Charitable Efforts (ACE) Act in the House. This legislation reflects the policy ideas outlined in the Initiative to Accelerate Charitable Giving’s statement of principles and puts them into action in a pragmatic …
Statement on the House Introduction of Bipartisan Bill to Accelerate Resources to America’s Charities
WASHINGTON, DC – The Initiative to Accelerate Charitable Giving today issued the following statement on the House introduction of the Accelerating Charitable Efforts (ACE) Act: “IACG is pleased that policymakers continue to seek a legislative solution to restore the connection between charitable tax benefits and direct contributions to …
Statement on Policy Recommendations Released by the Council on Foundations
WASHINGTON, DC – The Initiative to Accelerate Charitable Giving issued the following statement on donor-advised fund recommendations released by the Council on Foundations’ Strengthening Community Philanthropy Ad Hoc Working Group: “These principles reflect widespread recognition across the philanthropic community that the status quo is not …
Homeboy Industries CEO Thomas Vozzo Highlights Importance of Unlocking Charitable Dollars for Nonprofits in Philanthropy News Digest Op-ed
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 …
Preble Street’s Mark Swann: Maine’s Charities Deserve Charitable Giving Laws that Get Money into Communities
Preble Street is a nonprofit in Maine that provides accessible barrier-free services to empower people experiencing problems with homelessness, housing, hunger, and poverty, and advocates for solutions to these problems. Preble Street is a member of the Initiative to Accelerate Charitable Giving, and Mark Swann …
Homeboy Industries, CalNonprofits, and Other Leading Foundations and Nonprofits Join Initiative to Accelerate Charitable Giving
Drumbeat of support builds for charitable giving reforms as coalition commemorates one-year milestone WASHINGTON, DC – Today, the Initiative to Accelerate Charitable Giving (IACG) welcomed seven new members representing nonprofits, community foundations, and other voices in the philanthropic sector: Black Belt Community Foundation, California Association …
Meet Our Members: Minnesota Council of Nonprofits
Minnesota Council of Nonprofits (MCN) is a member of the Initiative to Accelerate Charitable Giving and a state association of nonprofits in the United States working to inform, promote, connect, and strengthen individual nonprofits and the nonprofit sector. This week we sat down to chat …
John Arnold and Ray Madoff Author Op-Ed on the Need for Congress to Put Charitable Giving Back on the Calendar
On Giving Tuesday, Philanthropist and Arnold Ventures co-founder John Arnold and Boston College Law School professor Ray Madoff, founding members of the Initiative to Accelerate Charitable Giving, penned an op-ed in the Chronicle of Philanthropy about the need for reforms to America’s charitable tax laws …
IACG Commemorates One-Year Anniversary on Giving Tuesday
This Giving Tuesday marks one-year since philanthropists, leaders of major foundations, and members across the philanthropic sector joined together to launch the Initiative to Accelerate Charitable Giving (IACG). Throughout this past year, IACG embarked on a robust effort promoting common-sense reforms that would restore the …
Statement on Giving Tuesday by the Initiative to Accelerate Charitable Giving
WASHINGTON, DC – The Initiative to Accelerate Charitable Giving today issued the following statement on Giving Tuesday: “Giving Tuesday shines a bright spotlight on the essential and impactful work charities do in communities across the nation. Alongside Americans’ giving today and during this holiday season, modernizing …
2021 DAF Report Illustrates Need for Charitable Reform
The 2021 DAF Report from the National Philanthropic Trust provides additional evidence that donor-advised funds (DAFs) are continuing to grow unabated. With zero assurances that these funds will ever be made available for charitable use, the need for charitable tax reform is greater than ever. …
Bill Graves Explains Why Modernizing Charitable Giving Laws Will Support Nonprofits in Op-Ed for Worth
In Worth, Bill Graves, President of The John and Denise Graves Family Foundation, penned an op-ed about the need for charitable reform, emphasizing that “charitably directed wealth could do tremendous good, but in order to protect the vitality of the nonprofit sector, policy changes must be …
Philanthropist Kat Taylor Urges Common-Sense Charitable Reforms in FORTUNE Op-Ed
In FORTUNE, philanthropist and IACG member Kat Taylor authored an op-ed about the need to modernize our charitable tax laws as charities face financial hardship despite increased giving. She described how charitable reforms can “keep philanthropy from becoming a Wall Street warehouse of tax-deferred money …
DAF-to-DAF Transfers Totaled $1 Billion in 2019, According to Recent Analysis
According to the Chronicle of Philanthropy, a recent analysis found that in 2019, at least $1 billion has been shuttled from one commercial donor-advised fund (DAF) to another commercial DAF – not to working charities. At the same time, these DAF-to-DAF transfers inflate the payout …
Melanie Lundquist Calls for Speeding the Flow of Donations to America’s Nonprofits in Chronicle of Philanthropy Op-Ed
Activist Philanthropist and IACG member Melanie Lundquist recently penned an op-ed in the Chronicle of Philanthropy in support of charitable giving reform that would ensure donations made to a family foundation or donor-advised funds get to working charities in a timely manner. Read excerpts from …
Philanthropic Experts Examine the Benefits of Charitable Reform During the Chronicle of Philanthropy’s Webinar on the ACE Act
Panelists and IACG members Stephanie Ellis-Smith (Co-Founder, Give Blck), Melanie Lundquist (Activist Philanthropist), and Ray Madoff (Boston College Law Professor) joined the conversation and explained how the ACE Act could accelerate funding from charitable intermediaries to nonprofits and provide an opportunity to strengthen the philanthropic …
ICYMI: Star Tribune Highlights Why the Graves Foundation and Minnesota Council of Nonprofits Support Charitable Reform
The Star Tribune recently interviewed Bill Graves, President of the John and Denise Graves Family Foundation, and Jon Pratt, former CEO of Minnesota Council of Nonprofits, for an article about charitable tax reform efforts, including the Accelerating Charitable Efforts (ACE) Act. The piece quoted both …
Community Foundation Leaders Paul Major and Lora Smith Author Op-Ed on Charitable Reforms to Support Rural Communities
In The Hill, Paul Major, President & CEO of the Telluride Foundation, and Lora Smith, Executive Director of the Appalachian Impact Fund at the Foundation for Appalachian Kentucky, penned an op-ed about how charitable reforms can support rural communities. Specifically, they explain how philanthropy should …
John Arnold Highlights the Need for Charitable Tax Reforms on CNBC’s The Exchange
Last week, philanthropist and Arnold Ventures co-founder John Arnold appeared on CNBC’s The Exchange to discuss the need for DAF reforms. With billions of charitable funds sitting on the sidelines, he explained how reforms are necessary to ensure DAF funds make it to the community …
Roger Colinvaux Explains How the ACE Act Supports Community Foundations
Community foundations play a unique and longstanding role in philanthropy and, most importantly, in the communities they serve around the country. These organizations help to foster long-term donor relationships and encourage the growth of resources for the direct benefit of local community needs. As Congress …
Associated Press: Critics take aim at charitable money sitting in donor funds
The Associated Press reported on U.S. Senators Angus King (I-Maine) and Chuck Grassley (R-Iowa) introducing the Accelerating Charitable Efforts (ACE) Act that would “tighten the rules for DAFs and aim to speed donations to charities.” As the story noted, “Wealthy philanthropists have long enjoyed an …
Nonprofits, Foundations, and Other Philanthropic Leaders Join Initiative to Accelerate Charitable Giving
Charitable giving reforms gain momentum across philanthropic sector WASHINGTON, DC – Today, six new members from across the philanthropic sector joined the Initiative to Accelerate Charitable Giving (IACG): Focus for Health Foundation, Graves Foundation, Minnesota Council of Nonprofits, Segal Family Foundation, Edward Skloot, and Telluride …
Chronicle of Philanthropy: New Study Shows That Majority of Donor-Advised Funds Are Sending Little or No Money to Charity Every Year
The Chronicle of Philanthropy reported on the eye-opening results from one of the first studies to look at donor-advised funds (DAFs) from a micro-level. The study, commissioned by the Council of Michigan Foundations, analyzed DAFs at Michigan community foundations on the account-level and found that …
US bill to accelerate donor-advised funds could have global impact
A coalition of philanthropies, individual donors, and academics is pushing U.S. lawmakers to pass legislation that they say will compel wealthy philanthropists to distribute money set aside for charitable giving much more quickly. The group called the Initiative to Accelerate Charitable Giving, formed in December to push …
New bill would give donor-advised funds deadlines for distributing billions of dollars to charities
Two U.S. senators say billions of dollars intended for charities are stuck in private foundations and donor-advised funds, and they’ve introduced a bill that aims to move that money more quickly into the hands of working charities. Chuck Grassley, an Iowa Republican, and Angus King, …
How Long Should It Take to Give Away Millions?
The promise of philanthropy was that the wealthy could enjoy tax breaks for their charitable contributions. The pandemic laid bare how accumulation can trump getting money to those in need. A Senate bill aims to change that. Read more: https://www.nytimes.com/2021/06/09/business/donor-advised-funds-philanthropy.html
Sens. Grassley and King Push Measure to Accelerate DAF and Foundation Giving
Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy. Sen. Chuck Grassley, Republican of Iowa, a former chairman of the Finance Committee who still sits on …
Philanthropic Sector Applauds the ACE Act
Today, Senator Angus King (I-Maine) and Senator Chuck Grassley (R-Iowa) introduced the Accelerating Charitable Efforts (ACE) Act, which will get more money to our nation’s charities faster. The ACE Act reflects the policy ideas outlined in the Initiative to Accelerate Charitable Giving’s statement of principles …
Statement on the Introduction of Bipartisan Bill to Accelerate Resources to America’s Charities
WASHINGTON, DC – The Initiative to Accelerate Charitable Giving today issued the following statement on the introduction of the Accelerating Charitable Efforts (ACE) Act by Senator Angus King (I-Maine) and Senator Chuck Grassley (R-Iowa): “The Initiative to Accelerate Charitable Giving is pleased that policymakers are …
IACG Member Spotlight: Rehabilitation Through the Arts
Our prison system in the US is based on punishment, but it doesn’t work – more than half of people released from prison are back within three years. This revolving door breaks down families and communities and costs taxpayers billions. RTA offers a better approach. …
FT’s Stephen Foley: America’s tax breaks for charitable giving could be better spent
In an opinion piece, Stephen Foley, Deputy US News Editor of the Financial Times, explored the impact of providing tax breaks for giving to “financial intermediaries” and what that means for giving to operating charities. He writes: “A survey of US non-profits suggests they squeezed …
Six Charts from New Report Shows Why Charitable Giving Reform is Needed
An important new report from the Boston College Law School Forum on Philanthropy and the Public Good shows how the failure to regulate donor-advised funds (DAFs) and private foundations has cost charities over $300 billion in foregone donations in 5 years alone. These are crucial …
Dean Zerbe in Forbes: A Bipartisan Opportunity To Help Those In Need: Charity Reform
Dean Zerbe, former Senior Counsel and Tax Counsel to the Senate Finance Committee, recently welcomed the Initiative to Accelerate Charitable Giving’s reforms in an op-ed in Forbes entitled “A Bipartisan Opportunity To Help Those In Need: Charity Reform.” In the piece, Zerbe outlined how these …
Edgar Villanueva, Peter Singer and More Philanthropic Leaders and Scholars Join Initiative to Accelerate Charitable Giving
New members add to the growing momentum for charitable giving reforms WASHINGTON, DC – Today, the Initiative to Accelerate Charitable Giving (IACG) welcomed seven new members to the coalition: Economics Professor James Andreoni, Impact Cubed, Leichtag Foundation, The Lodestar Foundation, Preble Street, Philosopher and Bioethics …
Global Citizen’s Chris Stadler: Charitable Giving Is Broken—Here’s An Easy Way To Fix It
In Forbes, Chris Stadler, chairman of the board of directors for Global Citizen, wrote an op-ed entitled, “Charitable Giving Is Broken—Here’s An Easy Way To Fix.” Stadler explains how IACG’s charitable tax reforms could provide much-needed resources and funding to support charities. As he notes, …
Craig Kennedy and William Schambra on Why Conservatives Should Applaud Efforts to Change Philanthropic Giving Rules
Craig Kennedy, the former president of the Joyce Foundation and the German Marshall Fund, and William Schambra, a senior fellow at the Hudson Institute who previously held positions at the American Enterprise Institute and the Lynde and Harry Bradley Foundation, recently wrote an op-ed in …
IACG Member Spotlight: Stephanie Ellis-Smith and Christina Lewis, Give Blck
Stephanie Ellis-Smith and Christina Lewis are co-founders of Give Blck and members of the Initiative to Accelerate Charitable Giving. Give Blck was officially launched in September of 2020 to give voice to 500+ Black-founded nonprofits and addresses racial equity in giving by offering a comprehensive …
Inside Philanthropy Examines the Growth of DAFs and the Need for Reforms
Inside Philanthropy recently examined charitable giving reports and trends, including the decade-long growth of donor-advised funds (DAFs) and its implications for philanthropy. The article explored how “DAFs are certainly a mighty reserve, though their ‘readiness’ is a matter of contention” and noted the “modest shifts” …
The Associated Press Highlights IACG’s Proposals
The Associated Press recently took a look at the charitable landscape and the crisis facing our nation’s working charities: “Too much need, too little funding.” Many throughout the philanthropic community are concerned that working charities do not have sufficient resources to continue, especially as these …
ICYMI: Ray Madoff on the Need for DAF Reform at AEI Panel
Last week, Professor Ray Madoff participated in the American Enterprise Institute’s panel discussion about the role of donor-advised funds in philanthropy. Madoff underscored how the failure to adopt guardrails around donor-advised funds hurts working charities and highlighted how the Initiative to Accelerate Charitable Giving’s proposals would put charities …
Kevin Madden: A New and Changing Community Landscape Requires a New, Updated Approach from Working Charities and Philanthropies
When the Covid-19 crisis disrupted life as we know it, there was an immediate, reflexive response from Congress. What can and will the government do? The federal government subsequently coordinated some of the largest government spending and relief packages since the mobilization of capital during …
IACG Member Spotlight: Melanie Lundquist
Melanie Lundquist is an Activist Philanthropist and a member of the Initiative to Accelerate Charitable Giving. This week we sat down to chat with her about how her experience in philanthropy – both working as part of the nonprofit Partnership for Los Angeles Schools and …
Initiative to Accelerate Charitable Giving Announces New Members
New members represent a broad spectrum of interests across philanthropy and join chorus of voices calling for policy reforms to close tax loopholes WASHINGTON, DC – Today, the Initiative to Accelerate Charitable Giving (IACG) is proud to expand its coalition with the addition of four …
Myths and Facts of Charitable Giving
The purpose of our nation’s charitable tax rules is to provide a tax benefit to ensure more resources are going toward the public good and working charities. However, more than $1 trillion sits on the sidelines in private foundations and donor-advised funds (DAFs) – vehicles …
What the 2020 DAF Report Doesn’t Say
The National Philanthropic Trust’s 2020 DAF Report provides an upbeat overview of donor-advised funds (DAFs). While DAFs have an important role in the charitable landscape, this data can easily be misinterpreted to showcase that the charitable tax system is “working” and new rules are unnecessary. …
Kat Taylor: Philanthropy Can Help Fix Societal Ills but First it Needs to Be Reformed
Kat Taylor is Founder of the TomKat Foundation, Co-founder of Beneficial State Bank, and a member of the Initiative to Accelerate Charitable Giving. For six decades I have been working to change the extractive and exploitative economic systems that perpetuate racial injustice and undermine our …
The Case for Reforming Private Foundations
Charitable giving has changed over the past century. The traditional idea of a charitable donation – an outright gift to a working charity – has given way to the increasing use of charitable financial vehicles, such as private foundations and donor-advised funds, which according to …
Three Questions on Donor-Advised Funds
As 2020 ended and Americans reflected on the struggles of the past year, it became clear how many Americans rely on charities to serve critical needs – whether it be health care, education, food assistance, shelter, or social justice reform. While charities struggled to keep …
Philanthropists Push for Charitable Giving Reforms
A group of high-profile philanthropists and foundations, along with estate and gift tax experts, have come together to push for reforms to charitable giving laws that would increase the amount of money available for nonprofits. Their goal is to unlock some of the US$1 trillion …
Letter to the Editor: The Slow-Moving Philanthropic Status Quo
I am disappointed by Elise Westhoff’s op-ed (“The Left Wants a Philanthropy of the Few,” Dec. 15) in opposition to the Initiative to Accelerate Charitable Giving, a reform initiative I co-founded. In this unprecedented time of need, private foundations and donor-advised funds could be helping …
Op-Ed: Why we need tax reform: Billions in charitable donations aren’t helping people in need
Each December, wealthy people rush to donate billions of dollars to maximize their charitable deductions and shrink their tax bill. Unfortunately, loopholes in tax laws mean donated dollars don’t always go to active charities. Read the full op-ed by John Arnold, co-founder of Arnold Ventures …
Column: Our Tax Code Provides More Favorable Treatment to Private Jets than Private Philanthropy. Here’s How to Fix That
The COVID-19 pandemic has been devastating to families who have lost loved ones, and businesses that have lost everything. But it has also taken a significant toll on many nonprofits, charities and government agencies—and the people who rely on them. Read the full column by …
Axios Explains Why Billions in Donations Haven’t Reached Charities
Last week’s Axios Capital newsletter reported on the payout rates of donor-advised funds (DAFs), breaking down how the increase in money going into donor-advised funds doesn’t necessarily result in increased payout rates or funding to charities: “In reality, although disbursements from foundations and DAFs are …
ICYMI: John Arnold and Ray Madoff Chat with #GivingTuesday’s Rob Reich about Accelerating Funding to Charities
“[The Initiative to Accelerate Charitable Giving] is really trying to go after the whole spectrum, from the largest givers all the way down to the smallest…[T]here’s a lot of the neighborhood organizations and community organizations that are dependent upon the small giver and so it’s, …
Billionaires Urge Tax Reform to Free $1 Trillion for Charity
A coalition of billionaires, academics and large foundations says the U.S. could unlock far more money for charity just by tweaking a few tax rules. Wealthy contributors get big tax breaks for donations even if the money then languishes in foundations or other vehicles for …
Powerhouse Coalition of Wealthy Donors and Big Foundations Urges Congress to Spur More Giving
A powerhouse coalition of wealthy individual donors, some of the nation’s largest private foundations, and prominent scholars on charitable giving Tuesday joined forces to urge Congress to adopt a set of tax proposals intended to speed up distributions from foundations and donor-advised funds. The new …
New Coalition of Philanthropists, Major Foundations Launches on Giving Tuesday to Increase Funding to America’s Charities During Pandemic and Beyond
‘Initiative to Accelerate Charitable Giving’ releases set of common-sense reforms to charitable giving laws WASHINGTON – Today on Giving Tuesday, philanthropists and leaders of major foundations launched the Initiative to Accelerate Charitable Giving, a coalition dedicated to promoting common-sense, non-partisan charitable giving reforms that increase …
Arnold Ventures’ John Arnold: Now is the Time to Reform Charitable Giving Laws
My wife, Laura, and I founded Arnold Ventures to maximize opportunity and minimize injustice. We began our philanthropy to invest in evidence-based solutions to some of the nation’s most pressing challenges. Often, this work is focused on changing systems, which in turn transforms daily life …