During the summer, the Accelerating Charitable Efforts (ACE) Act (S. 1981) was introduced by Senators Angus King (I-ME) and Chuck Grassley (R-IA) with the stated goal of accelerating payouts from private foundations and donor-advised funds.
Among other things, the Act establishes new rules for community foundations and their respective donor-advised funds specific to deduction eligibility and payout requirements and timelines. The bill also includes a “carve out” for community foundations (CFs) that would exempt some CFs from the DAF regulations.
The Dallas Foundation continues to monitor the status of the proposed legislation, collaborate with our community foundation colleagues across the country, and offer our perspective on the impact to our fundholders.
Here are resources and recent headlines about the bill:
- Status and details of the Senate bill
- Differing perspectives on the bill from our colleagues at the Council on Foundations and the Initiative to Accelerate Charitable Giving
- Community Foundation Public Awareness Initiative Statement about the bill
- Philanthropy News Digest
- Chronicle of Philanthropy, Letter to the Editor
- AP News
- The New York Times
- Philanthropy Southwest Legislative Round-up