Cool idea! And popular. In her NY Times op-ed, Ray Madoff describes donor-advised funds as the fastest growing charitable vehicle in the United States, now holding about $25 billion.
That's good news for Fidelity and all the other fund managers, who collect an extra 1% or so yearly in addition to their normal investment fees. Good public policy? Not without tightening the rules, Madoff believes:
Congress should enact rules that require donor-advised funds to distribute all of their assets to real public charities within seven years of their contribution. In addition, Congress should make clear that private foundations cannot meet their payout obligations by making gifts to donor-advised funds.Would you agree?
|From Schwab's web site, a clear, simple promo for its donor-advised fund.|