March 8, 2021 - 2:06pm
During a pandemic that has claimed the lives of more than 460,000 Americans and decimated the economy, more than $1 trillion meant for charitable purposes are sitting unused in private foundations and donor-advised funds.
The Initiative to Accelerate Charitable Giving, a new project from Boston College professor Ray Madoff, philanthropist John Arnold s Arnold Ventures, and other individuals and philanthropic organizations, wants to change that and has proposed measures that Congress can take to enhance payout requirements and incentivize more individual giving. Our proposals are designed to facilitate and encourage money getting to people s causes that they care about, Madoff told the Center for Media and Democracy (CMD). What we are opposed to is people being able to claim charitable tax benefits and not give their money to charity.