Monday, June 29, 2015
Noyes Foundation Urges Donors to Make More Timely Allocations From Their Donor Advised Funds
The Jessie Smith Noyes Foundation has launched an awareness campaign aimed at partnering with philanthropists with donor advised funds, who are interested in social justice giving opportunities. Donor Advised Funds have become a popular and proven means of allocating dollars to charities. There is currently more than $50 billion sitting in these funds that ultimately are to be contributed to nonprofit organizations. The Noyes Foundation believes these funds should be disbursed in a more timely fashion to help societal needs. The video, www.noyes.org/50billion, outlines the work of the Noyes Foundation and how it can partner with donors to support shared areas of charitable interest.
“It is encouraging to see more donors allocating a greater portion of their wealth for charitable purposes,” said Vic De Luca, Noyes President. “But it is discouraging that the nonprofit sector does not receive these charitable dollars in a timely fashion. We think the donor advised fund system needs to be fixed. If a donor is able to take an immediate tax deduction, we believe there should be a corresponding responsibility to get the funds out the door sooner.”
“We believe the $50 billion in donor advised funds can be strategically disbursed to advance social justice. By allowing significant amounts of tax-exempt, charitable funds to sit idle, donors are missing current opportunities to address pressing social problems and promote the public good. The Noyes Foundation will partner with donors and wealth advisers who want to make a quicker impact in promoting environmental and social change,” said De Luca.