Julie Yurko writes: “The billions of dollars in donor-advised funds could be used immediately by charities serving our Illinois communities.”
U.S. Rep. Lauren Underwood, second from left, observes the work of volunteers, from left, Dennis Finney, Cindy Boult and Pat Fiori at the Northern Illinois Food Bank in Geneva on March 30, 2021.
Charitable organizations rely on end-of-year giving as a crucial opportunity to connect with supporters and secure vital fundraising dollars for their mission. However, unlike the holiday season, hunger knows no season. Working families and others who were most affected by the pandemic struggle year-round to recover from the economic hardship of the past two years.
According to the 2022 National Philanthropic Trust, assets in DAFs rose from $167 billion in 2020 to $234 billion in 2021. There are 1.3 million DAF accounts in the U.S., and the average size of these accounts increased to $183,000 in 2021. Even with the recent downturn in the markets, this is an extraordinary amount of potential gifts for charitable organizations.
Earlier this year, proposed federal legislation known as the Accelerating Charitable Efforts Act was introduced in House following its introduction in the Senate last year. The ACE Act included reforms to tax laws that would require DAFs to disburse charitable dollars to working charities more quickly.
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