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[92WashLRev0039] Donor Advised Funds: Charitable Spending Vehicles for 21st Century Philanthropy

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dc.contributor
dc.contributor.author Colinvaux, Roger
dc.date.accessioned 2017-04-06T14:51:45Z
dc.date.available 2017-04-06T14:51:45Z
dc.date.issued 2017-03
dc.identifier.citation 92 Wash. L. Rev. 39 (2017) en_US
dc.identifier.issn 0043-0617
dc.identifier.uri http://hdl.handle.net/1773.1/1667
dc.description Volume 92, Number 1, March 2017 en_US
dc.description.abstract Roger Colinvaux, Professor of Law, The Columbus School of Law, The Catholic University of America; Legislation Counsel, Joint Committee on Taxation 2001–2008. Abstract: The donor advised fund (DAF) is changing longstanding giving norms in United States philanthropy. DAF contributions now account for around 8.4% of giving by individuals in the U.S. Over half of those contributions go to national DAF sponsors that have relationships with large commercial investment firms like Fidelity, Vanguard, and Schwab. This Article seeks to advance the understanding of the donor advised fund and to address two of the main policy questions: whether to require a mandatory distribution of funds by DAFs and their sponsoring organizations and how to respond to the increased use of DAFs for noncash charitable contributions. Part I of the Article provides a brief overview of DAFs. Part II of the Article discusses the different ways DAFs are viewed—as quasi-private foundations, public charity substitutes, or as catalysts for new charitable giving. Each view suggests a different regulatory approach. Part III focuses distinctly on the national sponsoring organization and the reason for its section 501(c)(3) status. The Article argues that as an organization that fulfills its mission by spending, it is appropriate for policymakers to require each fund to spend down contributions over a range of years. Part IV of the Article examines the solicitation by DAF-sponsoring organizations of charitable contributions of property, including privately traded stock, real estate, fine art, collectibles, and publicly traded securities. The increasing use of DAFs for noncash contributions will accentuate the problems of current law, which include a deduction for unrealized appreciation, overvaluation of contributed property, uncertain benefits to charity, equity concerns, and enforcement. Part IV argues that if Congress intends to retain the subsidy for property contributions, DAFs present an opportunity to improve and lower the cost of the subsidy both by reducing the amount of unrealized appreciation that may be deducted and by basing the amount of the deduction for property contributions on the net benefit to charity. en_US
dc.language.iso en_US en_US
dc.publisher Seattle: Washington Law Review, University of Washington School of Law en_US
dc.subject Article en_US
dc.title [92WashLRev0039] Donor Advised Funds: Charitable Spending Vehicles for 21st Century Philanthropy en_US
dc.title.alternative Donor Advised Funds: Charitable Spending Vehicles for 21st Century Philanthropy en_US
dc.type Article en_US
dc.rights.holder Copyright Roger Colinvaux. en_US


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