Biggest DAFs Are Slower to Distribute Assets, Study Finds

Plus, philanthropy must address corrupt systems that help Russian oligarchs and hurt ordinary people (opinion), and why a billionaire who led trip to space gave a children’s hospital $125 million ADVERTISEMENT [Philanthropy Today Logo]( Did someone forward you this newsletter? [Sign up free]( to receive your own copy. FUNDRAISING [Biggest Donor-Advised Funds Are Slower to Distribute Assets, Study Finds]( By Dan Parks [STORY IMAGE]( But of small funds, nearly 80 percent distribute money to charities rapidly enough to deplete the initial contributions to those accounts, according to a new study of a limited number of account sponsors. The data can be helpful to fundraisers as well as policy makers. ADVERTISEMENT OPINION [Corrupt Financial Systems Help Russian Oligarchs and Hurt Ordinary People. Philanthropy Must Do More to Support Change.]( By Michael Jarvis and Leslie Lang Tsai [STORY IMAGE]( Money laundering doesn’t just make it harder to sanction Vladimir Putin and his cronies for the invasion of Ukraine. It depletes countries of funds needed to address the social problems that grant makers care about. There is no better time for philanthropy to do more to promote change. PHILANTHROPY 50 [Why a Young Billionaire Who Led Trip to Space Gave $125 Million to Children’s Hospital]( By Ben Gose [STORY IMAGE]( When Jared Isaacman led the first all-civilian trip to space, he and his wife, Monica, donated $125 million to St. Jude’s Children’s Research Hospital — and encouraged others to give as well. Webinar [Building Ties With DAF Donors: Where to Start]( [STORY IMAGE]( The number of donor-advised fund accounts in the U.S. surpassed 1 million in 2020, and grants to charities from the 10 largest DAF sponsors totaled $22.41 billion. But billions more remain in DAFs waiting to be funneled to nonprofits, in part because it can be difficult to identify and cultivate supporters who give through them. Join us on April 28, at 2 PM Eastern — or on demand — for advice on building ties with DAF donors. [Sign up today.]( NONPROFIT NEWS FROM ELSEWHERE A whistle-blower has flagged the close relationship between former Google CEO Eric Schmidt’s foundation and the administration’s scientific- and technical-innovation efforts. Schmidt enjoyed a close relationship with Eric Lander, who recently resigned as director of the White House Office of Science and Technology Policy. His foundation, Schmidt Futures, “indirectly paid the salaries of two science-office employees, including, for six weeks, that of the current chief of staff, Marc Aidinoff.” Another executive at Schmidt Futures “also remained on Schmidt’s payroll while working as an unpaid consultant at the science office for four months last year until he left the post following ethics complaints.” Rachel Wallace, former general counsel for the office, said she repeatedly warned that Schmidt’s close involvement was a conflict of interest considering his significant investments in technology companies. For her trouble, Wallace said she was ignored and demoted. In a statement, Schmidt Futures denied having any role in making policy and has pointed out that the federal government and the science office “have used pooled philanthropic funding to ensure proper staffing across agencies for over 25 years.” ([Politico]( Over a decade, Airbnb has expanded from a platform for renting out an extra room to a high-profile partner to humanitarian organizations. The evolution began with ad hoc efforts to house people displaced by Hurricane Sandy in 2012 and continues with alliances with international groups, including the U.N.'s International Organization for Migration. The company’s billionaire founders have donated millions to their two-year-old housing nonprofit, some of which reimburses hosts who take in refugees. The efforts have helped deflect criticism that by making it easier for people to use second homes as vacation rentals, Airbnb has exacerbated housing shortages across the country. In addition, the donation of short-term housing to nonprofits working with refugees contributes to the growth of its platform. ([Curbed]( More News and Opinion - James Madison’s Montpelier Strips Power From Enslaved Descendants Group ([Washington Post]( - Biden’s Budget Includes $360 Million for Nonprofit Security ([Jerusalem Post]( - Opinion: Temporary Housing Units for Calif.'s Homeless Might Sound Good, but Where Does One Go From There? ([New York Times]( Giving - Elon Musk Says It’s ‘Very Hard to Give Away Money Effectively’ ([Insider]( - Miami Foundation Gets $20 Million Grant From Wells Fargo ([Associated Press]( - Tainted Gifts: As British Museum and the Met Disavow the Sackler Name, Museums Rethink Donation Deals ([Art Newspaper]( - St. Peter’s Donations Spike After Peacocks’ March Madness Run ([Bloomberg]( Nonprofits and Ukraine - ‘Stand Up for Ukraine’ Plan Gets Political, Celebrity Help ([Associated Press]( - Ukraine-Based Employees of Pittsburgh Nonprofit Go From Making Music to Giving Aid ([Pittsburgh Post-Gazette]( SUBSCRIBE TO THE CHRONICLE Enjoying the newsletter? [Subscribe today]( for unlimited access to nonprofit news and analysis. EDITOR'S PICKS OPINION [MacKenzie Scott’s Gifts Are Game Changers for Racial-Justice Groups. But Now We Need to Do More.]( By Lori Bezahler and Glenn Harris [STORY IMAGE]( Grassroots groups continue to be left out of the largess, so that’s why our organization is sending $2 million of our Scott gift to them. ECONOMIC OUTLOOK [Inflation Hits Ability of Nonprofits to Provide Services, Keep Workers — and Raise Money]( By Dan Parks [STORY IMAGE]( At a time when the demand for services remains high, soaring costs for fuel, food, employee payrolls, and other expenses are stressing charities’ budgets even more than during the pandemic. WHAT PHILANTHROPY IS ACCOMPLISHING [How Can Philanthropy Curb Climate Change?]( By Jim Rendon [STORY IMAGE]( Donors are pouring billions into saving the planet as activists demand more money and influence and question foundations’ policy solutions. OPINION [A Charitable-Giving Tax Credit Could Shift the Balance of Philanthropic Power Away From the Wealthy]( By Andrew Hayashi and Justin Hopkins [STORY IMAGE]( If low- and middle-income households received a refundable tax credit for donating to charity, more people would engage in civic life and the nonprofit world would be forced to refocus its priorities on those who don’t itemize their tax deductions. LETTERS TO THE EDITOR [People Who Are Homeless Are Not an Investment Opportunity]( The head of a donor group aimed at tackling homelessness objects to a recent op-ed that proposes using endowment investments to solve the housing crisis. SPONSOR CONTENT | Center for Creative Leadership [Responding to the Great Resignation]( This Simple Lever Can Release the Pressure ADVERTISEMENT RECOMMENDED WEBINAR [Fundraising Webinars: How to Make Virtual Events Accessible to People With Disabilities - Cover image of a woman in a virtual meeting] [Watch On-Demand]( — The number of donor-advised fund accounts in the United States surpassed 1 million in 2020, and grants to charities from the 10 largest DAF sponsors totaled $22.41 billion. That’s roughly double the amount the 10 biggest foundations gave that year. Yet billions more remain in DAFs, waiting to be funneled to nonprofits. How can your nonprofit find and strengthen ties with supporters who give through DAFs? Join us for a 75-minute session on Thursday, April 28, at 2 p.m. Eastern — or watch on demand at your convenience for expert guidance on adding DAF donors to your fundraising strategy, connecting with fund sponsors and professionals who counsel DAF donors, and handling these gifts properly. Sign up by April 21 to get the early-bird rate. [Register now.]( JOB OPPORTUNITIES [Chief Development Officer (CDO)]( ONE Campaign [Director of Development (Location-Flex | DC or Seattle)]( RESULTS Educational Fund [Associate Vice President for Development Strategy and Administration (Location-Flex | DC or Seattle)]( RESULTS Educational Fund [Vice President for Advancement]( Mercyhurst University [Campaign Operations Director (Location - Remote)]( Colburn School [Search other jobs.]( NEWSLETTER FEEDBACK What did you think of today’s newsletter? [Strongly disliked]( | [It was ok]( | [Loved it]( [Chronicle of Philanthropy Logo]( This newsletter was sent to {EMAIL}. [Read this newsletter on the web](. 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