In response to numerous articles in which some media outlets have mischaracterized the intent and impact of donor advised funds, the Council on Foundations released the following joint statement from interim president and CEO Gene Cochrane and Javier Alberto Soto, chair of the Council’s board of directors and CEO and president of The Miami Foundation:
“Donor advised funds have long served as a philanthropic tool to transfer charitable dollars to organizations that need it most. Unfortunately, recent news articles have mischaracterized donor advised funds, which are far from a loophole designed for the wealthy. The fact is donor advised funds and their relatively low startup costs have enabled the philanthropic spirit of millions of middle-class families and have empowered donors to remain engaged in charitable efforts beyond a one-time contribution. Thanks to the generosity of these well-intentioned donors, charities are able to use funding from donor advised funds for community needs like funding programs for at-risk youth, restocking a local food pantry, or supporting efforts to protect wild lands and waters.”
About the Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.