The $10 billion charity no one has heard of:
A donor-advised fund devoted to supporting the United Nations Sustainable Development Goals has leapt from being a relatively minor charity to one with an asset size comparable to behemoths...
The SDG Impact Fund, based in Cartersville, Georgia, grew from $238 million in assets in 2020 to $10 billion in 2021. That eye-popping growth, which seems to have been fueled by the meteoric rise of cryptocurrencies and digital art assets, has prompted some questions from philanthropy and tax experts.
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They found that most of the donations to the SDG Impact Fund in 2021 came in the form of noncash assets, such as art and collectibles, as well as crypto-gifts, including nonfungible tokens, or NFTs, which are unique digital assets that are often traded as art.
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Given the dearth of information, Flannery is dubious that much of the $10 billion valuation will ever be directed to actual charities advancing the U.N. Sustainable Development Goals. She said the lack of information about who is making donations and how exactly the fund is using them is symptomatic of the lack of transparency of donor-advised funds.
“We need to make sure that donors aren’t using donor-advised funds for creative tax avoidance,” she said. “We need to make sure that we’re getting charitable works back.”