Foundation Presidents Defend Donor-Advised Funds—Is That the Best They Can Do?
Earlier this month, a coalition of philanthropic trade associations—namely, the Council of Foundations, Independent Sector, The Philanthropy Roundtable, and the Columbus Foundation (on behalf of community foundations)—wrote a letter (which WealthManagement.com summarizes here) to the Senate Committee on Finance defending donor-advised funds.
This letter was written in response to a proposal outlined in a July letter by two law professors, Ray Madoff, director of the Forum on Philanthropy and the Public Good at Boston College, and Roger Colinvaux of Catholic University in Washington, D.C. The proposal argued for federal regulation of donor-advised funds, including a recommended 10-year limit on how long funds could remain in a donor-advised fund before they would be automatically disbursed to qualifying nonprofits. . .