Foundations Protest Proposed New Giving Rules

American charitable foundations are protesting a proposal in Congress to force them to give away more money each year. “U.S. giving by foundations, corporations, and individuals will fall this year from $212 billion to $165 billion, a 22% drop. For arts organizations in particular, Charity Navigator predicts even worse news: Giving may decline by as much as one-third, from $12 billion in 2002 to $8 billion in 2003.”