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CA's #nonprofits⁠—our clinics, shelters, food banks, senior centers & more⁠—are on the #COVID19 frontlines. Their services are needed now more than ever.

But they're struggling to raise what they need to serve.

Thread on why #DAFs must step up to help —…
What's a donor-advised fund (#DAF)?

As @hasanminhaj explains—they're one of the fastest growing vehicles for charitable giving in the US.

They're appealing bc when you give to a DAF, you take the tax break now—w/out any legal requirement of $ to go to nonprofits. Indefinitely.
DAFs are exploding in popularity—almost *tripling* in total assets since 07.

A *huge* sum of donations go to DAFs. But unlike donations to private foundations, DAFs are *not* legally required to donate a min amount to charities—they get a tax break, w/out having to spend a dime.
$110B in tax-exempt assets is nothing to sneeze at—DAFs haven't gone unnoticed by Wall St.

Financial companies like @Fidelity, @CharlesSchwab, @GoldmanSachs & @Vanguard_Group all manage massive #DAF funds—which together hold billions in tax-exempt…
As tax deductible donations, DAFs also come w/a *big* price tag.

We’ve conservatively estimated that contributions to #DAFs cost ~$300M/yr in the form of foregone revenue that otherwise would’ve gone to CA's Gen Fund—funding schools & vital gov't…
Given the large public cost of DAFs, I firmly believe we must ensure DAFs live up to their side of the bargain: serving a public benefit.

That’s why I introduced #AB2936—to move us towards ensuring DAFs abide by their intent.

The #COVID19 crisis gives #DAFs a chance to step up—
The current #COVID19 crisis has laid bare the destructive consequences of decades of tax cuts for the rich, divestment from public goods & the hollowing out of the public safety net.

That means our most vulnerable are increasingly reliant on our nonprofits to get through this—
Our nonprofits are under great strain—but I know we can count on Californians to be generous during this crisis.

And donors to #DAFs, w/their large balances of contributions that have already received tax breaks, *must* step up to help save our…
As @Al_Cantor eloquently lays out—*now* is the time for DAFs to spend: "If donors have been saving funds for a rainy day—this is the rainiest day in the US since Dec 7, 1941. Let’s mobilize. Let’s spend all the $ in DAFs. Let’s save lives & critical orgs."…
In the words of nonprofit leader Vu Le, @NonprofitAF: “If this pandemic is not the time for transformative action, then when is?”

*Now* is the time for DAFs to live up to their intent. To benefit the public.

We're all counting on #DAFs to…
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