TOP BANANA: TOP READS THIS WEEK 7-8-23
Monopoly Money: The Influence of Donors in Donor-Advised Funds
Donor-Advised Funds: The Secret Society of Philanthropy
Have you heard of Donor-Advised Funds (DAFs)? No? Well, you're not alone. These funds are like the Illuminati of the philanthropic world - shrouded in secrecy and mystery. But unlike the Illuminati, they're not trying to take over the world (as far as we know). Instead, they're just hoarding money and causing a stir in the charitable sector.
So, what's the deal with DAFs? Well, for starters, they allow donors to remain anonymous. That's right, you can donate to a DAF without anyone knowing it was you. It's like being a secret Santa all year round. But while anonymity can be fun, it also raises concerns about accountability and transparency. Critics argue that this lack of transparency makes it difficult to determine the true sources of funds and may facilitate money laundering or other illicit activities. Who knew philanthropy could be so shady?
But that's not all. DAFs are also not required to disclose detailed information about the grants they make. Unlike private foundations, which must file annual tax returns that include information about their grants, DAFs are not subject to the same level of reporting requirements. This lack of transparency makes it challenging to assess how funds are distributed and whether they align with the intended charitable purposes. It's like trying to solve a puzzle with missing pieces - frustrating and ultimately unsatisfying.
And if that wasn't enough, there's also concern that DAFs could be used to accumulate assets indefinitely without distributing them to active charitable causes. Critics argue that this hoarding of funds runs counter to the purpose of philanthropy, which is to actively support charitable endeavors. Some have called for stricter regulations or minimum payout requirements for DAFs to ensure that funds are used for their intended charitable purposes. It's like having a savings account that you never touch - what's the point?
But wait, there's more! Donors who contribute to DAFs often retain advisory privileges over the investment and distribution of those funds. This control can allow donors to shape the investment strategy of the funds, potentially prioritizing personal interests or agendas over broader charitable goals. Critics argue that this influence compromises the independence and impartiality of the funds, leading to potential conflicts of interest and undermining the public trust in the philanthropic sector. It's like playing monopoly with someone who always insists on being the banker.
So, what can be done about all this? Various proposals have been made to increase transparency and accountability for DAFs. These include advocating for more extensive reporting requirements, implementing minimum payout thresholds, and promoting greater disclosure of donor information. However, the debate around these issues continues, as there are differing opinions on the balance between privacy and transparency in philanthropy.
In conclusion, DAFs may seem like a fun way to secretly donate money, but they come with a whole host of issues. From lack of transparency to potential abuse, these funds have caused quite a stir in the philanthropic world. But fear not, there are solutions being proposed. In the meantime, if you want to donate money, maybe just do it the old-fashioned way - with a check and a smile. And if you really want to be anonymous, just wear a fake mustache and sunglasses while doing so. It's foolproof.
Donor-advised funds (DAFs) have been subject to criticism regarding their lack of transparency for several reasons:
To address these concerns, various proposals have been made to increase transparency and accountability for donor-advised funds. These include advocating for more extensive reporting requirements, implementing minimum payout thresholds, and promoting greater disclosure of donor information. However, the debate around these issues continues, as there are differing opinions on the balance between privacy and transparency in philanthropy.
THE DEFT DIVE
A **donor-advised fund** is an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time¹². In the United States, a donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals¹.
Donor-advised funds have been subject to criticism regarding their lack of transparency because they do not disclose the identity of the donors or the recipients of the grants. Some critics argue that donor-advised funds allow donors to avoid scrutiny and accountability for their charitable giving, and that they may delay or divert funds from reaching the intended beneficiaries¹. Others defend donor-advised funds as a way to democratize philanthropy, offer tax advantages, and provide flexibility and convenience for donors².
Some examples of sponsoring organizations that offer donor-advised funds are community foundations, national charities, religious organizations, and financial institutions. Some of the largest donor-advised funds in the United States are Fidelity Charitable, Schwab Charitable, Vanguard Charitable, National Philanthropic Trust, and The Giving Fund¹².
Bing, 7/7/2023
(1) Donor-advised fund - Wikipedia. https://en.wikipedia.org/wiki/Donor-advised_fund.
(2) What Is a Donor-Advised Fund, and How Does It Work?. https://www.nerdwallet.com/article/taxes/donor-advised-funds.
(3) Donor-Advised Fund Definition, Sponsors, Pros & Cons, Example. https://www.investopedia.com/terms/d/donoradvisedfund.asp.
Some of the benefits of using a donor-advised fund are:
Bing, 7/7/2023
(1) Donor-Advised Funds: The Benefits and Drawbacks - Investopedia. https://www.investopedia.com/articles/managing-wealth/080216/donoradvised-funds-benefits-and-drawbacks.asp.
(2) Benefits of Donor-Advised Funds | NPTrust. https://www.nptrust.org/benefits-of-donor-advised-funds/.
(3) What Is a Donor-Advised Fund, and How Does It Work?. https://www.nerdwallet.com/article/taxes/donor-advised-funds.
(4) Pros and Cons of Donor-Advised Funds | Morningstar. https://www.morningstar.com/personal-finance/pros-cons-donor-advised-funds-2.
(5) 10 Benefits of Giving through a Donor Advised Fund. https://columbusfoundation.org/charitable-insights/10-benefits-of-giving-through-a-donor-advised-fund.
OKLA STATE SUP OF EDUCATION MORE TWISTED THAN AN OKLAHOMA TORNADO TEACH TULSA RACE MASSACRE WAS NOT ABOUT SKIN COLOR
Breaking news, folks! It turns out that the State Superintendent of Oklahoma, Ryan Walters, is not just a man of education, but also a man of remarkable flexibility. Yes, you heard that right. Ryan Walters is a contortionist! And not just any contortionist, mind you. He's more twisted than an Oklahoma tornado!
Now, you might be wondering what this has to do with education. Well, it turns out that Mr. Walters has been in the news lately for his stance on teaching the history of the Tulsa Race Massacre in public schools. He wants it to be taught without mentioning skin color. Huh? How is that even possible? It's like teaching about the American Revolution without mentioning the British. It just doesn't make sense.
But fear not, dear readers, because Mr. Walters has a plan. He believes that the Tulsa Race Massacre can be taught without conflicting with his definition of Critical Race Theory. How, you ask? Well, let me explain.
According to Mr. Walters, teaching about the Tulsa Race Massacre doesn't have to focus on skin color. Instead, it can focus on the events leading up to the massacre and the aftermath. We can talk about the economic and political factors that contributed to the massacre, as well as the impact it had on the community.
Now, I don't know about you, but I find this a bit absurd. How can we talk about the Tulsa Race Massacre without mentioning skin color? It's like talking about the sinking of the Titanic without mentioning icebergs. Skin color was at the very heart of what happened in Tulsa in 1921. To ignore it is to ignore history.
But let's give Mr. Walters the benefit of the doubt for a moment. Let's say we do teach about the Tulsa Race Massacre without mentioning skin color. What would that look like? Well, it would look something like this:
Teacher: "Today, class, we're going to learn about the Tulsa Race Massacre. In 1921, a group of white people attacked a group of black people in Tulsa. Many people were killed and many more were injured. The end."
Student: "Wait, what? That's it? What happened? Why did they attack them?"
Teacher: "Oh, well, you see, there were some economic and political factors at play. And there was this one guy who got in an elevator with a white woman and...oh, never mind. It's not important."
Student: "But why did they attack them?"
Teacher: "I don't know, Timmy. Maybe they just didn't like their hats."
See what I mean? It's ridiculous. If we're going to teach about the Tulsa Race Massacre, we have to do it right. We have to talk about skin color and racism and all the ugly things that led up to that terrible day in 1921.
But hey, maybe Mr. Walters is onto something here. Maybe we can teach about the Tulsa Race Massacre without mentioning skin color. And while we're at it, let's teach about World War II without mentioning Nazis, and let's teach about the Civil Rights Movement without mentioning segregation. It'll be fun!
In all seriousness, though, we can't ignore history just because it's uncomfortable or inconvenient. We have to face it head-on and teach our children the truth, no matter how ugly it may be. And if Mr. Walters can't handle that truth, maybe he should consider a career change. I hear the circus is always looking for contortionists.
Oklahoma Superintendent Insists Tulsa Race Massacre Can Be Taught Without Mentioning Skin Color https://jezebel.com/oklahoma-superintendent-insists-tulsa-race-massacre-be-1850615161?utm_medium=sharefromsite&utm_source=jezebel_twitter via @jezebel
Public meeting gets heated as Norman residents put Walters on the spot | News | normantranscript.com https://www.normantranscript.com/news/public-meeting-gets-heated-as-norman-residents-put-walters-on-the-spot/article_260ff4b0-1cfa-11ee-9e41-fbf3aabbfa8e.html
FLORIDA REDNECK U:
FREEDOM INSTITUTE & A MILLION DOLLAR BOSS
New College of Florida, affectionately known as Redneck U, has recently made headlines for its proposed Freedom Institute and its million-dollar president. And let me tell you, folks, this is one wild ride.
First of all, let's talk about the college itself. It's a public liberal arts college located in Sarasota, Florida, and it's known for its academic rigor, student-faculty collaboration, and narrative evaluations instead of grades. But don't let that fool you, this is still Redneck U we're talking about.
In recent years, the college has faced some major changes and challenges, especially after Governor Ron DeSantis appointed six new members to its board of trustees in January 2023. And let's just say, some of these new trustees have been vocal critics of the college's diversity, equity and inclusion (DEI) programs and policies. They've advocated for a more conservative and traditional approach to higher education. Because who needs progress when you can just stick to the good ol' days, am I right?
But fear not, the college's supporters have protested these changes imposed by the governor and the new trustees. They argue that they threaten the college's academic freedom, innovation, and excellence. And who doesn't love a good protest? It's like a party with picket signs.
Now let's get to the juicy stuff. The Freedom Institute. This is a proposed initiative by the New College of Florida Board of Trustees that would request $2 million from the state Legislature to set up a program aimed at combating "cancel culture" in higher education. Yes, you heard that right. Cancel culture. Because apparently, the biggest threat to higher education is not lack of funding or resources, but cancel culture.
The institute would promote "tolerance of opposing views" and "engage such views in civil discourse." And who wouldn't want that? We all know how civil discourse has been lacking in recent years. But wait, there's more! The institute would also hire scholars to work and teach on the New College campus, offer short courses open to the public, hold live events promoting free speech principles, and create and deliver professional development programs for school teachers and university professors.
Sounds great, right? Well, not according to some. The Freedom Institute has faced opposition from students, faculty, alumni and supporters of the New College of Florida who have protested the changes imposed by DeSantis and the new board. They argue that they threaten the college's academic freedom, innovation and excellence. And honestly, who needs academic freedom when you can just stick to the status quo?
But let's not forget about the billionaires, foundations and super pacs that support the New College of Florida. According to its 2020 annual report, the New College Foundation raised $2.8 million in total revenue. Some of the donors and grantors that supported the New College Foundation in 2020 include The Achelis & Bodman Foundation, The Alkermes Inspiration Grant Program, The Charles A. Frueauff Foundation, The New York Community Trust, The Peter Jay Sharp Foundation, The Robin Hood Foundation, and The William Randolph Hearst Foundation. And if that's not enough, there are also sources that are not publicly disclosed or easily traceable. It's like a mystery novel, but instead of solving a crime, we're trying to figure out who's funding Redneck U.
In conclusion, folks, Redneck U is anything but boring. From protests to million-dollar presidents to cancel culture combatting institutes, there's never a dull moment at this college. So if you're looking for excitement and drama in your higher education experience, look no further than New College of Florida.
THE DEFT DIVE
The New College of Florida is a public liberal arts college in Sarasota, Florida, that was founded in 1960. It has about 800 students and offers more than 40 majors and concentrations. The college is known for its academic rigor, student-faculty collaboration, and narrative evaluations instead of grades³.
The college has faced some major changes and challenges in recent years, especially after Governor Ron DeSantis appointed six new members to its board of trustees in January 2023. Some of the new trustees, such as Christopher Rufo, have been vocal critics of the college's diversity, equity and inclusion (DEI) programs and policies, and have advocated for a more conservative and traditional approach to higher education².
The college's supporters include its students, alumni, faculty, parents, donors, and community members who value its educational mission, values, and principles. They have protested the changes imposed by the governor and the new trustees, arguing that they threaten the college's academic freedom, innovation, and excellence¹⁵. They have also expressed their support for the college's first dean of DEI, who was hired in 2022 after a recommendation from a previous trustee appointed by DeSantis².
Some of the ways that supporters can give to the college include scholarships, research support, emergency assistance, planned giving, annual giving, and matching gifts³. The college also has a foundation and an alumni association that work to raise funds, engage alumni, and promote the college's interests⁴.
Bing, 7/7/2023
(1) Ways to Give - New College of Florida. https://www.ncf.edu/give/.
(2) Ron DeSantis took over a college in Florida. Now what? - The Atlantic. https://www.theatlantic.com/ideas/archive/2023/03/new-college-florida-ron-desantis-takeover/673556/.
(3) Students and supporters decry big changes at New College of Florida .... https://wusfnews.wusf.usf.edu/education/2023-02-01/students-supporters-decry-big-changes-new-college-of-florida.
(4) New College supporters criticize transformation plan during meeting .... https://www.heraldtribune.com/story/news/politics/2023/01/13/desantis-plan-to-reinvent-new-college-condemned-at-legislative-meeting/69800838007/.
(5) Foundation & Alumni - New College of Florida. https://www.ncf.edu/alumni/.
New College of Florida's planned Freedom Institute and its relationship to right-wing groups.
The Freedom Institute is a proposed initiative by the New College of Florida Board of Trustees that would request $2 million from the state Legislature to set up a program aimed at combating "cancel culture" in higher education¹². The institute would promote "tolerance of opposing views" and "engage such views in civil discourse," according to a description of the institute included in the trustees' meeting agenda¹².
The institute would also hire scholars to work and teach on the New College campus, offer short courses open to the public, hold live events promoting free speech principles, and create and deliver professional development programs for school teachers and university professors¹².
The Freedom Institute is part of a series of changes at the New College of Florida that have been driven by Governor Ron DeSantis and his conservative allies, who have accused the college of indoctrinating its students with leftist ideology²⁵. DeSantis appointed six new members to the college's board of trustees in January 2023, including Christopher Rufo, a vocal critic of diversity, equity and inclusion programs and policies². The new board then voted to install Richard Corcoran, a former House Speaker and state education commissioner, as the college's interim president after forcing out the previous president²⁵.
The Freedom Institute has been compared to similar programs at other universities that have been funded or influenced by right-wing groups, such as the Hillsdale College's Allan P. Kirby Center for Constitutional Studies and Citizenship in Washington D.C., which has received donations from the Charles Koch Foundation and the Bradley Foundation⁴. The Freedom Institute's funding sources have not been disclosed yet, but some critics have speculated that it could be supported by similar donors or groups that share DeSantis' political agenda⁵.
The Freedom Institute has faced opposition from students, faculty, alumni and supporters of the New College of Florida, who have protested the changes imposed by DeSantis and the new board, arguing that they threaten the college's academic freedom, innovation and excellence²⁵. They have also expressed their support for the college's diversity, equity and inclusion programs and policies, which they say are essential for creating a welcoming and inclusive learning environment²⁵.
Bing, 7/7/2023
(1) New College of Florida wants $2 million for ‘Freedom Institute’ to .... https://bing.com/search?q=New+College+of+Florida+Freedom+Institute.
(2) New College wants ‘Freedom Institute’ to battle ‘cancel culture’. https://www.orlandosentinel.com/2023/07/07/new-college-wants-freedom-institute-to-battle-cancel-culture/.
(3) New College of Florida board eyes Freedom Institute to ... - ClickOrlando. https://www.clickorlando.com/news/2023/07/07/new-college-of-florida-board-eyes-freedom-institute-to-combat-cancel-culture/.
(4) New College of Florida board eyes 'Freedom Institute'. https://www.bizjournals.com/tampabay/news/2023/07/07/new-college-board-eyes-freedom-institute.html.
(5) New College of Florida Trustees OK request for $2 million for funding 'Freedom Institute'. https://news.yahoo.com/college-florida-trustees-ok-request-080350523.html.
The critics of the Freedom Institute.
The Freedom Institute is a proposed initiative by the New College of Florida Board of Trustees that would request $2 million from the state Legislature to set up a program aimed at combating "cancel culture" in higher education¹². The institute would promote "tolerance of opposing views" and "engage such views in civil discourse," according to a description of the institute included in the trustees' meeting agenda¹².
The Freedom Institute has faced opposition from various groups and individuals who have criticized it as a political move by Governor Ron DeSantis and his conservative allies to undermine the academic freedom, innovation and excellence of the New College of Florida, a small liberal arts college known for its diversity, equity and inclusion programs and policies²³⁴.
Some of the critics of the Freedom Institute include:
Bing, 7/7/2023
(1) “The Florida of Today Is the America of Tomorrow”: Ron DeSantis’s New .... https://bing.com/search?q=critics+of+New+College+of+Florida+Freedom+Institute.
(2) New College will ask Florida for $2M to combat ‘cancel culture’. https://www.tampabay.com/news/education/2023/07/07/new-college-will-ask-florida-2m-combat-cancel-culture/.
(3) Ron DeSantis took over a college in Florida. Now what? - The Atlantic. https://www.theatlantic.com/ideas/archive/2023/03/new-college-florida-ron-desantis-takeover/673556/.
(4) Ron Desantis turns eye towards progressive colleges in 'woke' war. https://www.usatoday.com/story/news/education/2023/01/15/ron-desantis-turns-eye-towards-progressive-colleges-woke-war/11033844002/.
The billionaires, foundations and superpacs that support the New College of Florida.
The New College of Florida is a public liberal arts college in Sarasota, Florida, that receives funding from various sources, including state appropriations, tuition and fees, grants and contracts, and private donations. The college also has a foundation that raises funds for the college's academic programs, scholarships, research, faculty development and campus improvement¹.
According to its 2020 annual report, the New College Foundation raised $2.8 million in total revenue, of which 44% came from donations, 28% from grants, 25% from fees for service, and 3% from events². Some of the donors and grantors that supported the New College Foundation in 2020 include:
In addition to these donors and grantors, the New College of Florida may also receive support from other sources that are not publicly disclosed or easily traceable. For example, a recent report by The Intercept revealed that Christopher Rufo, a conservative activist and a new trustee appointed by Governor Ron DeSantis to the college's board of trustees, received an influx of cash to his documentary foundation from donor advised funds (DAFs), which are charitable funds tied to large financial management firms like Fidelity and Charles Schwab. DAFs allow donors to conceal their identities and avoid public scrutiny of their giving. Rufo did not disclose the sources of these donations when asked by The Intercept.
Rufo is also affiliated with other conservative organizations that may have an interest in supporting the New College of Florida or its proposed Freedom Institute, a program aimed at combating "cancel culture" in higher education. For example, Rufo is a senior fellow at the Manhattan Institute for Policy Research, a conservative think tank that has received donations from the Charles Koch Foundation and the Bradley Foundation. He is also a contributing editor at City Journal, a magazine published by the Manhattan Institute that has received donations from the same foundations.
Bing, 7/7/2023
(1) New College of Florida trustee saw an influx of cash to his foundation .... https://wusfnews.wusf.usf.edu/politics-issues/2023-06-21/new-college-of-florida-trustee-influx-of-cash-foundation.
(2) Ron DeSantis took over a college in Florida. Now what? - The Atlantic. https://www.theatlantic.com/ideas/archive/2023/03/new-college-florida-ron-desantis-takeover/673556/.
(3) Prominent political aide named director of New College Foundation .... https://www.businessobserverfl.com/news/2023/mar/23/prominent-political-aide-named-director-of-new-college-foundation/.
