By NEO Law Group
A donor advised fund (“DAF”) is generally defined in Section 4966(d)(2)(A) of the Internal Revenue Code as a fund or account On November 13, 2023, the Internal Revenue Service and Treasury Department released proposed regulations on DAFs (the “Proposed Regs”) which has attracted a number of comments and criticisms, including with...
The 2024 National Study on Donor Advised Funds was published last week by the DAF Research Collaborative. Donor advised funds (DAFs) represent a very substantial and controversial part of the charitable nonprofit sector. On one hand, they are characterized as the fastest growing segment of the sector, attracting more...
Here are some of the highlights from the American Bar Association Exempt Organizations Committee meeting held on January 19, 2024 as part of the ABA Midyear Tax Meeting. Thanks to all who looked after me when I took a bit of a tumble! Federal Tax Update from the IRS...
On November 13, 2023, the Internal Revenue Service and Treasury Department released proposed regulations on donor advised funds (DAFs). We’ve been waiting on DAF regulations for more than 15 years since enactment of the DAF laws in the Pension Protection Act of 2006. During this period, DAFs have become...
On June 1, Social Impact Commons hosted a great practitioner conversation on the intersectionality between fiscal sponsorship and donor advised funds (“DAFs”). The following is a description of the event: We increasingly see fiscal sponsors accidentally or intentionally developing Donor Advised Fund (DAF) programs and, likewise, organizations running DAFs...
CalNonprofits held its annual Policy Symposium on December 7, 2022. This year, the event was a half-day accelerated and virtual version featuring a keynote from CA Assembly Majority Leader Eloise Gómez Reyes. The theme this year was Our Moment for Action. California nonprofits are at a turning point. Over...
The Accelerating Charitable Efforts Act (“ACE Act”) is creating quite a stir among nonprofits and leaders in or advising the sector. The TL;DR version of the controversy: the increase in the funds donated to the charitable nonprofit sector resulting from donor advised funds (DAFs) either offsets or fails to...
We previously wrote about California AB 1712 when it was a spot bill, a placeholder to address the Legislature’s intent to enact legislation on the subject matter of donor advised funds (DAFs). Fast forward 10 months and AB 1712 has been amended to focus on transparency and data collection...
California Assembly Bill 1712, introduced by Assembly Member Buffy Wicks (D-Oakland) on February 22, 2019, expresses “the intent of the Legislature to enact legislation that would relate to donor advised funds for the purpose of improving transparency and accountability through annual reporting requirements, promoting best practices, and requiring minimum...
I was on Nonprofit Radio last Friday, October 19, talking with host Tony Martignetti about donor-advised funds. A donor-advised fund or DAF is a charitable fund housed within a public charity that allows a donor to make a gift, take an immediate charitable deduction, and recommend, typically with strong persuasive authority, future grants made from...