California Looks Into Billions Held in Funds Intended for Charities

California Looks Into Billions Held in Funds Intended for Charities

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Total assets in donor-advised funds are about $121.4 billion nationally and the funds pay out an average of 20.9% of assets a year, according to a 2019 report from the National Philanthropic Trust cited by a coalition of groups backing the bill that includes the California Association of Nonprofits. The group estimates that California loses $300 million a year in tax breaks for fund-account holders but cautions that the figure is a broad guess.

Source Name: 
Bloomberg Tax
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