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.