Abigail Disney and other very wealthy philanthropists say their peers are doing it wrong.
“It’s time to take a stand,” the group said on a newly launched website. “We, a group of wealthy charitable donors, are calling for urgently-needed, common-sense reform. We must ensure that large charitable gifts don’t languish idly for years in intermediaries, and instead flow to the causes they are intended to support.”
“We stand for the common sense principle that if you receive a tax break for making a charitable donation, those donations should benefit someone other than the donor within a reasonable amount of time, and the minimum payout calculations should not include the salaries paid to the donor's family,” Morris Pearl, a former managing director of BlackRock and chairman of the Patriotic Millionaires, said in a statement.
“I’ve come to learn that there are a lot of very conservative, cautious board members of foundations who believe that their fiduciary duty requires them to maximize the assets of the institution,” he said. “And they interpret that as meaning that they should not spend one dime more than is legally required.”
“It’s so disgraceful and so incredibly obnoxious that the people with the most money at the time of greatest crisis would fight like hell to avoid spending it,” he said. “So many have shown that they will not under any circumstances—even a global pandemic of historic proportions—spend a dime more than they are forced to.
“If you want people to be able to give money and have it last beyond their lifetime—and for sure that is an incredibly powerful, emotional claim for some donors—then you can’t set a 10 percent spend rate,” he said. But the members of Donor’s Revolt believe they can prevail. Bella DeVaan, associate director of the Charity Reform Initiative at the institute, said in a statement there is a “growing appetite for reforming some basic rules governing charity,” and that she expected “many more donors” will join the campaign.
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