By Douglas F. Kridler, Kathlyn Mead, Paula Van Ness, and Elizabeth Brazas
As presidents of community foundations in four regions, we appreciate the distinction Roger Colinvaux makes between donor-advised funds sponsored by commercial providers like Fidelity and Schwab and those sponsored by other charitable organizations, such as community foundations ("Congress Needs to Send a Message that Commercial Advised Funds Are About Giving, Not Saving," Opinion, December 29, 2015).
Community foundations have worked closely with Mr. Colinvaux and other critics of donor-advised funds to help them better understand the unique role we play. We have a responsibility to ensure that policy makers fully understand the power and value of such funds in expanding the reach of philanthropy, and how mandating payout within a specified number of years is a flawed strategy to increase charitable giving in America.
Read the full Letter to the Editor here.