Jon Pratt, Co-Chair of the Philanthropy Project, shares with host Steve Francisco his concerns about the current state of philanthropy in America and why he believes that some reforms are urgently needed. U.S. foundations, public and private, have accumulated $1.5 trillion in assets, an eye-popping figure. Much of this money, however, sits in banks and investments and is not being used to finance and advance the public good which, is the stated goal of philanthropy, after all.
Jon explains how banks and money managers rake in large (and growing) fees for managing the unspent funds and how federal tax deductions are being granted for unspent charitable donations.
The Philanthropy Project is making the case for greater awareness of these issues as well as the need for tax reform and greater transparency in how foundations do their work.
