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November 05, 2008
Donor-Advised Funds Provide Flexibility in Tough Times
While the current economic crisis may have some donors considering a drop in donations this year, those who have already given to a donor-advised fund may be more likely to maintain previous levels of giving, reports Bloomberg News.
“The advised funds are acting to some extent as a regulator valve — people who made big stock gains in the last few years can take more out of the account than they’re putting in now,’‘ says Robert F. Sharpe, a Memphis, Tenn., lawyer and board member of Giving USA Foundation.
Meanwhile, officials at Fidelity Charitable Gift Fund, the largest donor-advised fund in the country, say that while 12 percent more grants have been awarded this year over last year, contributions to the fund are down 35 percent.
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