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Accelerating Charitable Efforts Act - Corporate/Commercial Law

Donor advised funds ("DAFs") and private charitable foundations have long been used as private charitable endowments by donors. ....

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Senate Bill Proposes Dramatic Changes for Donor Advised Funds and Private Foundations | Patterson Belknap Webb & Tyler LLP

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On June 9, 2021, United States Senators Angus King (Ind.-MA) and Charles Grassley (R-IA) announced plans to introduce the “Accelerating Charitable Efforts Act” or the “ACE Act” (the “Act”) which, if adopted, would implement significant changes with respect to the rules surrounding donor advised funds (“DAFs”) and private foundations. The proposed changes, already being hotly debated in the philanthropic community, would, among other things, mandate operational changes for DAF sponsoring organizations and offer financial incentives (in the form of both excise taxes and tax relief) to motivate donors, sponsoring organizations, and private foundations to distribute funds to public charities at a rapid pace. ....

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