Council on Foundations' Statement on ACE Act House Introduction
WASHINGTON, DC - On Feb. 3, 2022, Representatives Pingree (ME-1), Reed (NY-23), Khanna (CA-17) and Porter (CA-45) introduced the Accelerating Charitable Efforts Act, the House companion bill to S.1981. The following statement is attributable to Council on Foundations president and CEO Kathleen Enright:
"The Council on Foundations continues to oppose the ACE Act, based on our analysis of the merits of the legislation, the potential for unintended negative consequences, and feedback from our members.
“We stand behind our recommendations for strengthening the use of donor-advised funds, which would increase transparency without undermining or slowing down charitable giving.Community Foundation leaders from across the country, including rural and urban regions, led the effort to develop these recommendations.
“We look forward to continuing to work with our partners in the philanthropic and nonprofit sector and members of Congress to make changes that will expand philanthropic giving, allow donations to meet both emerging and long-term societal challenges, and deliver more to those in need without the undue complexity the ACE Act introduces."
You can find the recommendations of our Strengthening Community Philanthropy Working Group here.
You can find the Council's full position on the ACE Act here.
For more information, contact Nicole Bronzan, vice president, communications & content, firstname.lastname@example.org.
Latest Data On Donor-Advised Funds
- Grants from DAFs to charitable organizations reached a new high of $34.67 billion, representing the highest payout rate of 23.8% in a decade. Grants from DAFs to nonprofits also grew faster than contributions to DAFs by 7% in 2020, according to the latest report from the National Philanthropic Trust.
- Total grants from sample DAF-sponsoring organizations, including national fund providers, community foundations, and single-issue charities, nearly doubled from 2014 to 2018, according to the latest report from Giving USA.
About the Council on Foundations
The Council on Foundations exists to help philanthropy be a trusted partner in advancing the greater good. Building on our 70-year history, we are charting a course where funders earn and maintain the public's trust by advancing equity, operating with high integrity, collaborating on broadscale challenges and serving as ethical stewards. Learn more about the Council and becoming a member by visiting, www.cof.org.