CA's #nonprofits—our clinics, shelters, food banks, senior centers & more—are on the #COVID19 frontlines. Their services are needed now more than ever.
But they're struggling to raise what they need to serve.
Thread on why #DAFs must step up to help —nytimes.com/reuters/2020/0…
But they're struggling to raise what they need to serve.
Thread on why #DAFs must step up to help —nytimes.com/reuters/2020/0…
What's a donor-advised fund (#DAF)?
As @hasanminhaj explains—they're one of the fastest growing vehicles for charitable giving in the US.
They're appealing bc when you give to a DAF, you take the tax break now—w/out any legal requirement of $ to go to nonprofits. Indefinitely.
As @hasanminhaj explains—they're one of the fastest growing vehicles for charitable giving in the US.
They're appealing bc when you give to a DAF, you take the tax break now—w/out any legal requirement of $ to go to nonprofits. Indefinitely.
DAFs are exploding in popularity—almost *tripling* in total assets since 07.
A *huge* sum of donations go to DAFs. But unlike donations to private foundations, DAFs are *not* legally required to donate a min amount to charities—they get a tax break, w/out having to spend a dime.
A *huge* sum of donations go to DAFs. But unlike donations to private foundations, DAFs are *not* legally required to donate a min amount to charities—they get a tax break, w/out having to spend a dime.
$110B in tax-exempt assets is nothing to sneeze at—DAFs haven't gone unnoticed by Wall St.
Financial companies like @Fidelity, @CharlesSchwab, @GoldmanSachs & @Vanguard_Group all manage massive #DAF funds—which together hold billions in tax-exempt dollars.vox.com/recode/2019/7/…
Financial companies like @Fidelity, @CharlesSchwab, @GoldmanSachs & @Vanguard_Group all manage massive #DAF funds—which together hold billions in tax-exempt dollars.vox.com/recode/2019/7/…
As tax deductible donations, DAFs also come w/a *big* price tag.
We’ve conservatively estimated that contributions to #DAFs cost ~$300M/yr in the form of foregone revenue that otherwise would’ve gone to CA's Gen Fund—funding schools & vital gov't programs.fastcompany.com/90299375/this-…
We’ve conservatively estimated that contributions to #DAFs cost ~$300M/yr in the form of foregone revenue that otherwise would’ve gone to CA's Gen Fund—funding schools & vital gov't programs.fastcompany.com/90299375/this-…
The current #COVID19 crisis has laid bare the destructive consequences of decades of tax cuts for the rich, divestment from public goods & the hollowing out of the public safety net.
That means our most vulnerable are increasingly reliant on our nonprofits to get through this—
That means our most vulnerable are increasingly reliant on our nonprofits to get through this—
Our nonprofits are under great strain—but I know we can count on Californians to be generous during this crisis.
And donors to #DAFs, w/their large balances of contributions that have already received tax breaks, *must* step up to help save our nonprofits.cnn.com/2020/03/20/opi…
And donors to #DAFs, w/their large balances of contributions that have already received tax breaks, *must* step up to help save our nonprofits.cnn.com/2020/03/20/opi…
As @Al_Cantor eloquently lays out—*now* is the time for DAFs to spend: "If donors have been saving funds for a rainy day—this is the rainiest day in the US since Dec 7, 1941. Let’s mobilize. Let’s spend all the $ in DAFs. Let’s save lives & critical orgs."philanthropy.com/article/Save-L…
In the words of nonprofit leader Vu Le, @NonprofitAF: “If this pandemic is not the time for transformative action, then when is?”
*Now* is the time for DAFs to live up to their intent. To benefit the public.
We're all counting on #DAFs to #MeetTheMoment.philanthropy.com/article/The-Co…
*Now* is the time for DAFs to live up to their intent. To benefit the public.
We're all counting on #DAFs to #MeetTheMoment.philanthropy.com/article/The-Co…
