NEW YORK (AP) — The Marguerite Casey Foundation plans to donate at least $500 million over the next decade, doubling its annual payout as leaders try to spur more urgent grantmaking throughout philanthropy — especially given what it calls the sector's "suffering" under President Donald Trump's policies.
The White House's cuts to federal funding, attacks on civil society and dismantling of diversity programs have amounted to what the National Council of Nonprofits calls an "existential crisis." But funders' responses have been lacking in the view of many nonprofit executives. Where, some ask, are the sorts of emergency funds launched when the coronavirus pandemic tested nonprofits?
Most private foundations pay out about 5% of their assets annually, the minimum required by the Internal Revenue Service. Debates rage over whether that contribution limit should be increased. Any higher, the philanthropic consensus goes, and foundations would risk shortening their life spans.
