A recent report from the Council of Michigan Foundations (CMF) about donor-advised funds (DAFs) indicates that the money flowing out to charities from these giving vehicles is astonishingly slow. Behind the bullish aggregate payout rates reported by donor-advised fund sponsors, the more generous funds are providing cover for many funds that give very little, and often nothing at all. And this held true even during 2020, when many nonprofits faced their greatest challenges in memory.
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