Some funders are embracing 'trust-based philanthropy' by giving money without lots of obligations

[...]the Internal Revenue Service actually gives foundations and other big donors considerable discretion in terms of how to manage their application process and reporting requirements, without jeopardizing tax breaks that can amount to hundreds of millions of dollars or more. Another option is to l...

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Bibliographic Details
Published inThe Conversation : Economy + Business
Main Author Finchum-Mason, Emily
Format Newspaper Article
LanguageEnglish
Published Boston The Conversation US, Inc 04.05.2022
Subjects
Accountability
Collaboration
COVID-19
Funding
Grants
Minority & ethnic groups
Nonprofit organizations
Philanthropy
Reporting requirements
Tax regulations
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Summary:[...]the Internal Revenue Service actually gives foundations and other big donors considerable discretion in terms of how to manage their application process and reporting requirements, without jeopardizing tax breaks that can amount to hundreds of millions of dollars or more. Another option is to let grantees and communities that are supposed to benefit from funding weigh in on decision-making processes around the grant-making. [...]in lieu of the kind of annual reporting process most foundations require, the Sheng-Yen Lu Foundation, which funds groups that help low-income immigrant and refugee communities in Washington state, asked grantees to provide a single paragraph describing the work they were doing and how it could best assist them going forward.