Foundations Set Up by the Rich Are Increasingly Using Charity Loophole
An audit by the California Attorney General shows private foundation giving to donor-advised funds is surging.
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The flow of money from private foundations to donor-advised funds has jumped substantially in recent years, highlighting the increasing use of a controversial loophole in charitable law, a new audit shows.
Private foundations, which many wealthy people use to administer their philanthropy, gave $1.68 billion to a group of DAF sponsors in the most recent year studied by California Attorney General Rob Bonta’s office. That was 48% more than two years earlier.