The Initiative to Accelerate Charitable Giving

 
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On December 1, 2020 during the biggest giving day in the world #GivingTuesday, a high-powered coalition of institutional and individual philanthropists and analysts published a plan to reform donor-advised funds (DAFs), promote an increased payout from private foundations, and expand the charitable deduction. The “Initiative to Accelerate Charitable Giving” group is combining efforts while catching some buzz and supporters quickly.

Overview of whats on the line.

  • With over $1 trillion in assets, private foundations are a tremendous resource to help address the immense needs arising from COVID-19 and racial inequality.

  • Donor-advised funds (DAFs) now have over $120 billion set aside for future charitable gifts. The problem is that current rules fail to provide any incentives or requirements for DAFs to ever distribute their money.


  • While a majority of Americans donate to charity, almost 90% receive no tax benefit for their charitable giving. Congress took a step forward in the CARES Act by creating an above-the-line charitable deduction for non-itemizers for 2020.

Read the full article HERE

 
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