Could The New Senate Bill Really Affect Black NonProfits?

By Philanthropy in the Black | June 18, 2021

It’s a simple fact that charitable giving in the black community starts at home or through loss; two different ways that we define philanthropy for ourselves, especially in today’s rebounding economy. So when American Senators Angus King and Charles Grassley introduce a new bill called Accelerating Charitable Efforts short for ‘ACT,’ regulating charitable giving, you have to wonder who exactly will be affected and who will benefit the most – the largest, most wealthiest or the underserved and neediest. In my professional opinion, I kinda think it’s a good thing for all involved.

Here’s why….

Donor Funds which are most associated with charitable giving are largely run by individual donor-advisors and as you can imagine these funds have grown in popularity since COVID-19 and the summer of civil unrest. “Twenty million Americans lost their jobs in the pandemic,” Joe Biden remarked in his address to Congress in April 2021, “At the same time, roughly 650 billionaires in America saw their net worth increase by more than $1 trillion . . . and they’re now worth more than $4 trillion.” And what about those who define themselves as millionaires, who are looking for immediate tax deductions. 

This is tremendous news for nonprofits. The truth of the matter is that almost 500 people have become billionaires last year.  So my advice for female-led and minority-led nonprofits, would be to advocate for the expansion of their lens and the widening of their search for donors because obviously there are more money pots then the year before. Local community foundations and donor funds can be where billionaires, especially new billionaires who quietly donate their money, can be found looking for ways to make a real and evident impact. 

If the introduction of the ACT bill does make an impact, it will be made by those nonprofits that follow the money in their local communities.

Get it! Got It!