Foundations Upset At Potential Law Changes

The US Congress is considering a bill that would force charitable foundations to give away five percent of their assets each year. This would result in a big increase in money going to charities (and arts non-profits). “The bill has created a furor in the philanthropic world, with foundations warning that they could be forced to squander their assets and spend themselves out of existence. Its supporters, however, say it will actually rein in wasteful spending ? on salaries and overhead ? as it gives charities needed help in a time of withering government budgets and growing economic pain.”