Mandating an increase of giving from charitable funds, says one advocate, “would move an estimated $200 billion off the sidelines and into front-line working charities without increasing taxes or adding to the deficit.”
Five of the nation’s largest and most storied foundations are expanding their combined grantmaking by nearly $1.7 billion.
The week after the U.S. economy shut down in March, Darren Walker, the president of the Ford Foundation, fielded a stream of phone calls from the heads of dozens of organizations that Ford supports.
A group of philanthropists is asking Congress to require foundations and other charitable groups formed by affluent donors to give more to charitable causes to combat the economic downturn caused by the coronavirus pandemic.
A group of wealthy donors has a message for Congress: Make us give more to charity.
Spearheaded by Scott Wallace, the co-chairman of the Wallace Global Fund, the group will send a letter to House and Senate leaders requesting a 10 percent minimum…
Pressure is growing to address a fundamental design flaw in our charity system. Wealthy donors get substantial tax breaks when they place funds into their private foundations, and even more in the case of their donor-advised funds (DAFs). But there is very little requirement that they move those funds to active charities, even in the face of a global pandemic.
We are living through a time of unprecedented challenges: a major public health crisis, a deepening recession, and widespread trauma and hardship. To get through it, and to recover, will require tapping into a wide range of resources.
We’re living through a time of unprecedented challenges — a major public health crisis, a deepening recession, and widespread trauma and hardship. To get through it and recover, we’ll need unprecedented resources.
These giant vaults of money already are required to donate at least 5% a year to charity. Double that for 3 years to ease the pain of this pandemic.