Today, the Initiative to Accelerate Charitable Giving (IACG) released new analysis of IRS nonprofit data and insights from nonprofit leaders on the need for common-sense charitable giving reforms.
This new analysis illustrates that the charitable giving status quo is not sustainable. Specifically, outdated tax laws have allowed a large share of charitable dollars to be contributed to intermediaries such as donor-advised funds (DAFs) and private foundations instead of going to charities directly. As a result, more and more money is left on the sidelines every year, not getting to the charities that need it.
IACG continues to promote common-sense reforms that close tax loopholes and get more money to charities faster, while still protecting donors’ tax benefits.
It is time to fix the broken connection between charitable tax benefits and benefits to charities.