IRS Releases New Guidelines for Form 1023

On July 31, 2008, the Internal Revenue Service (IRS) released a memorandum to explain the new guidelines for processing Form 1023 applications for exemption under IRC Section 501(c)(3) submitted by sponsoring organizations that maintain donor advised funds. These organizations must now refer to the Donor Advised Funds Guide Sheet...

Donor-Advised Funds in 2005

The Chronicle of Philanthropy (May 4, 2006) reported that assets of the nation’s largest donor-advised funds grew by a median of more than 20 percent from 2004 to 2005.  Likewise, the amount granted to charities from these donor-advised funds increased by 20.8 percent from 2004 to 2005.  Officials at...

Donor-Advised Funds

The term "donor-advised fund" is not statutorily defined; yet the donor-advised fund (DAF) is an increasingly popular vehicle of charitable giving that has had a particularly substantial impact on philanthropy over the past several years.  The Chronicle of Philanthropy reported that the 88 organizations that provided figures for both...

Donor-Advised Funds – Bay Area

From "Donor-Advised Funds:  Assets, Awards, and Accounts at a Sampling of Big Providers," The Chronicle of Philanthropy (April 28, 2005) (reporting 2004 figures and comparisons to 2003): Peninsula Community Foundation (San Mateo): Assets:  $370,575,777 (+7.7%) Amount distributed to charities:  $75,240,090 (+88.4%) Number of funds:  414 (+3.2%) Amount contributed to...