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A new bill in Congress by Senators Angus King (D-ME) and Chuck Grassley (R-IA), S. 1981, the Accelerating Charitable Efforts (ACE) Act, posits several sweeping policy changes for donor-advised funds (DAFs) and private foundations (PFs). The ACE Act has generated controversy in the philanthropic community. Supporters argue that it will ensure that funds earmarked for charitable purposes reach charitable beneficiaries quickly. They believe that the provisions of the ACE Act will prevent DAFs and PFs from holding onto funds indefinitely without distributing them to charities. Opponents say that these modifications aren’t supported by the data and, moreover, could have a chilling effect on charitable giving by limiting when donors will be ab...
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