In a Letter to the Editor of Barron’s Magazine, Philanthropy Roundtable Adjunct Senior Fellow Patrice Lee Onwuka responded to a recent article in the publication that highlighted some of the benefits of donor-advised funds (DAFs). Onwuka added some context to this issue in her letter, pointing out that the proposed King-Grassley bill in the Senate would impose new rules on DAFs that would hurt charitable giving.
Read the Letter to the Editor, published in Barron’s, below:
“In ‘When Setting Up a Charitable Fund, Think Beyond the Tax Break,’ Sarah Max captures several of the benefits of donor-advised funds (DAFs), yet we see a gap in the article recognizing how those will go away under Sens. King and Grassley’s bill. The bill creates more rules and mandates for donor-advised funds and private foundations that would restrict dollars from flowing to charities and the communities they support. It also adds new definitions and complexity to the tax code, which could chill charitable giving overall. By imposing ineffective and counterproductive limits and requirements on private foundations, the bill would hamper them from achieving their charitable missions and threaten donor privacy.
The King-Grassley bill would force payouts and impose regulations that would limit the flexibility and adaptability that DAFs provide, which is why we – as well as hundreds of charitable organizations around the country – hope the bill does not move forward.”
Read more at Barron’s.
