October 28, 2021

Dare Quill

The Real Estate Maniacs

neighborhood foundations accelerating charitable efforts act king grassley monthly bill

5 min read

In an op-ed in July in the Chronicle of Philanthropy, Alan Cantor criticizes community foundations for opposing federal laws that aims to pace up distributions from donor-suggested funds. He indicates that this opposition is the perform of lobbyists and hints that local community basis leaders are in some way not intelligent ample to recognize a excellent offer when they see it.

But here’s the truth: Most group foundation leaders oppose this bill, recognised as the Accelerating Charitable Efforts Act, simply because they know it is a lousy offer for the discipline, for local nonprofits, and for their communities.

On the floor, the laws, sponsored by Sen. Angus King (I-Maine) and Sen. Charles Grassley (R-Iowa), seems like a reward for group foundations. Crafted with the purpose of dashing up the charge at which non-public foundations and DAFs make grants to nonprofits, the invoice consists of a carve-out made to exempt community foundations from lots of of its provisions. When you search below the hood, nonetheless, it’s distinct this legislation could endanger the long run of neighborhood foundations and disrupt help to area nonprofits.

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