June 27, 2002
Congress Should Increase Amount Foundations Must Give
Despite their enormous growth over the past 20 years, foundations are still required to distribute only 5 percent of their net assets each year -- the minimal rate set by Congress in 1981. It is time for Congress to raise that figure.
In exchange for their substantial tax benefits, foundations have an obligation to share a fair burden of the costs of maintaining a vibrant nonprofit world and a healthy civil society. Unfortunately, foundations collectively have regarded the legal
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