Each year, the Chronicle of Philanthropy publishes a list of the biggest charities in the U.S. This year, there has been a change in the No. 1 spot that philanthropy watchers call “stunning.” Read or listen to NPR’s report at http://www.npr.org/2016/10/27/499637449/chronicle-of-philanthropy-list-reveals-striking-change-in-charity-landscape.
I agree with Professor Madoff: putting money into an account that will eventually be given to a nonprofit isn’t the same thing as giving to a nonprofit. When I eat at a restaurant, I don’t put money in a box that I’ll eventually give to the restaurant at my convenience or whim; I pay for the service I’ve received. So if donors are getting tax deductions and financial planners are getting paid to manage these huge funds, but nonprofits aren’t getting the money to actually do our good work, we need to rethink the charitable status of businesses like the Fidelity Charitable Gift Fund.