Article The Associated Press

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 organizations work around the clock serving communities struggling to recover from the pandemic. It’s clear that the status quo is not working.

In examining different approaches to address this crisis, the Associated Press interviewed John Arnold, IACG member and Arnold Ventures Co-Founder. The article highlighted the Initiative to Accelerate Charitable Giving’s proposals as a more moderate and balanced solution to increase donations to charities when compared to other efforts that would either keep the status quo or create potential challenges for charitable organizations.   

An excerpt from the article is below:

“Arnold proposes a more modest solution — the Initiative to Accelerate Charitable Giving. Under this plan, assets in a donor-advised fund would have to be donated within 15 years. Arnold would also add a sweetener: Foundations that donate more than 7% of their assets in any year wouldn’t have to pay the excise tax, usually amounting to under 2%, that they normally face.

His plan — developed with Ray Madoff, director of Boston College Law School’s Forum on Philanthropy and the Public Good — has the support of some of America’s biggest foundations, including the Ford Foundation, the William and Flora Hewlett Foundation and the W.K. Kellogg Foundation.”

Read the full story here.