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In the News – Proposed Legislation Could Impact Donor Advised Funds

 

On June 9, 2021, legislation was introduced in the US Senate which could be the most significant change to donor advised funds since they were created 80 years ago.

Senators Angus King (I-ME) and Chuck Grassley (R-IA) introduced the Accelerating Charitable Efforts Act (or ACE Act), which includes changes to donor advised funds. The legislation was previewed in a New York Times article, How Long Should It Take to Give Away Millions?, published this morning.

According to the Council on Foundations, which the Community Foundation is a member, they believe “the changes in the bill will not achieve the ends we are all seeking to realize – greater support for nonprofits and communities, now and in the future, as we work together to advance the greater good.”

At this point in time, the Community Foundation is keeping an eye on this legislation and will be consulting with the national Council on Foundations, statewide Alliance of Illinois Community Foundations, and our local professional advisors to determine the impact that this legislation will have on current and future donor-advised funds.

Keep in mind that this legislation has only been introduced — it’s a long way from passage. In addition, any new laws passed could look significantly different from this proposed legislation. If you are interested in reviewing the proposed legislation, view the bill (PDF).

A community foundation is a donor-driven organization that helps donors custom-design funds that reflect their charitable interests. Through the years, grants from these funds have made a significant impact on our local communities.

Sharon Stredde

President Emeritus

Being a part of the Community Foundation scholarship committee is the highlight of my year. For many, a scholarship from the Community Foundation is the reason they are able to continue reaching for their dreams and changing the future of our world. I hope each recipient knows just how inspirational they are to those of us who are lucky enough to read their stories.

Jessica Breugelmans

Board Member & Scholarship Committee Member

Thank you very much for supporting my college education for these four years. I will never be able to repay you for the opportunity that this scholarship has given to me.

Julia H.

[Renewing Scholarship Recipient] Graduate of Hinkley-Big Rock High School

We chose the Community Foundation because of its reputation. It’s well known, established and we can trust them to do the job for us.

Dick Schindel

Richard and Susan Schindel Scholarship Funds

…you can always start small, even $25 can make a difference. Remember we can’t take our money with us. Even if it’s just your gift of time. Volunteer and get involved.

Cris Anderson

Cristina & Thomas S. Anderson Endowment Fund | Tom & Cris Anderson Colonial Advisory Fund

As a first-generation college student from a low-income family, I was worried about how I was going to pay for books and supplies. This scholarship will allow me to focus more on my studies instead of worrying about how to afford college. I am working to not only create opportunities for myself but to motivate future generations. Thank you so much for helping me along this journey!

Moises J.

Claude & Alice Allen Memorial Scholarship Recipient

Community Foundation of the Fox River Valley

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