Monday, June 28, 2021
WASHINGTON, D.C. - The Council on Foundations opposes the Accelerating Charitable Efforts (ACE) Act. The bill has several provisions that would negatively impact the philanthropic sector, including:
- Establishing new and unnecessary requirements for donor advised funds (DAFs).
- Prohibiting private foundations from including contributions to DAFs as part of their annual payout obligation.
- Prohibiting the expenses of staff and board members who are also family members at a family foundation from being counted as part of the foundation's payout obligation.