Council on Foundations Opposes the Accelerating Charitable Efforts Act (ACE Act)
The ACE Act includes provisions that would negatively impact the philanthropic sector, our nonprofit partners, and local communities.
On June 9, 2021, Senators King (I-ME) and Grassley (R-IA) introduced the Accelerating Charitable Efforts (ACE) Act. The Council on Foundations opposes this legislation.
The bill has several provisions that would negatively impact the philanthropic sector, including:
- Establishing new and unnecessary requirements for donor advised funds (DAFs).
- Prohibiting private foundations from including contributions to DAFs as part of their annual payout obligation.
- Prohibiting the expenses of staff and board members who are also family members at a family foundation from being counted as part of the foundation's payout obligation.
Although we know foundations have a range of views on this proposal, we believe the changes in the bill will not achieve the ends we are all seeking to realize – greater support for nonprofits and communities, now and in the future, as we work together to advance the greater good.
You can make your opposition to this legislation known by sending a message to your Members of Congress. Our action alert allows you to easily send a message by entering your name and home address. The alert includes an already completed message to your Members of Congress that you can edit before sending.
If you have any questions or would like to discuss this with Council staff, please reach out to Jenn Holcomb, Director of Government Affairs, at jenn.holcomb@cof.org.
