Unlike private foundations, which generally must distribute at least 5 percent of their investments each year to operating charities, there is no grant-making requirement for donor-advised funds. Critics call them rest stops for charity dollars. Brian Mittendorf, an accounting professor at Ohio State University, said it’s “crazy” that large sponsors of donor-advised funds “are not subject to the same disclosure requirements that private foundations are.”
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https://www.sfchronicle.com/business/networth/article/Silicon-Valley-Community-Foundation-s-assets-12704936.php
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