Based on hearings that took place last June, and its own research, the US Senate Finance Committee’s staff has proposed a number of recommendations to more closely regulate donor advised funds. The Non-Profit Times reports that these reforms are being welcomed by a number of leaders in the field.
The National Philanthropic Trust, along with other leading providers of donor advised funds, has always supported strict compliance with existing tax law, and has been a leading advocate for establishing model standards of practive. In fact, NPT, and a number of peers, are already doing what these proposals recommend.
While a couple of the proposals should be modified, to ensure the costs of providing this valuable charitable giving vehicle remain as low as possible, and the details of others still need to defined, overall it should help the market as a whole.