1.  National Philanthropic Trust, “The 2019 DAF Report,” 2019,

2.  New York Community Trust, “Our History,”

3.  Council on Foundations, “Pension Protection Act,” 20Act%20(PPA,provisions%20that%20affect%20charitable%20giving.

4.  Internal Revenue Services, “Donor-Advised Funds Guide Sheet Explanation,” July 31, 2008, donor_advised_explanation_073108.pdf.

5.  National Philanthropic Trust, “The 2019 DAF Report.”

6.  Peter Kotecki, “Bill and Melinda Gates Were Just Named the Most Generous Philanthropists in America—Here Are Their Biggest Projects,” Business Insider, August 20, 2018,

7.  Ford Foundation, “Ford Foundation Commits $1 Billion from Endowment to Mission-Related Investments,” press release, April 5, 2017,

8.  John D. and Catherine T. MacArthur Foundation, 30 Years of the John D. and Catherine T. MacArthur Foundation, September 2008,

9.  National Philanthropic Trust, “The 2019 DAF Report.”

10.  National Philanthropic Trust, “The 2019 DAF Report.”

11.  H. Daniel Heist, “Understanding Donor-Advised Funds: The Behavioral Economics, Macroeconomics, and Public Policies Relating to an Emerging Trend in Philanthropy,” University of Pennsylvania Scholarly Commons, 2019, 1–119, https://repository.; and James Andreoni and Ray Madoff, “Calculating DAF Payout and What We Learn When We Do It Correctly,” National Bureau of Economic Research, October 2020, 1–13,

12.  I took the following steps to calculate this figure, using IRS Form 990. First, on Line 3, I entered the gross amount of interest income from savings and temporary cash investments; dividend and interest income from equity and debt securities (stocks and bonds); amounts received from payments on securities loans, as defined in section 512(a)(5); and interest from notes and loans receivable. I did not include unrealized gains and losses on investments carried at fair market value. I did not deduct investment management fees from this amount, but I reported these fees on Part IX, Line 11f. Second, I entered on Lines 7a through 7c all sales of securities in Column (i). I used Column (ii) to report sales of all other types of investments (such as real estate, royalty interests, or partnership interests) and all other non-inventory assets (such as program-related investments and fixed assets the organization used in its related and unrelated activities). On Line 7a, for each column, I entered the total gross sales price of all such assets. I totaled the cost or other basis (less depreciation) and selling expenses and entered the result on Line 7b. On Line 7c, I entered the net gain or loss. I showed any loss in parentheses. On Lines 7a and 7c, I also reported capital gains dividends, the organization’s share of capital gains and losses from a joint venture, and capital gains distributions from trusts. I combined the gain or loss figures reported on Line 7c, Columns (i) and (ii) and reported that total on Line 7d. I showed any loss in parentheses. I did not include any unrealized gains or losses on securities carried at fair market value in the books of account.

13.  Howard Husock, Growing Giving: American Philanthropy and the Potential of Donor-Advised Funds, Center for State and Local Leadership at the Manhattan Institute, April 2015,

14.  On Line 5, I reported the net unrealized gains or losses on investments reported in the organization’s audited financial statements (or other financial statements). This amount represents the change in market value of investments that were not sold or exchanged during the tax year.

15.  Indiana University, Lilly Family School of Philanthropy, Giving USA 2020: The Annual Report on Philanthropy for the Year 2019, 2020.

16.  Abby Rolland, “Giving in 2020: There May Be Some Clues from 2019,” Indiana University, Lilly Family School of Philanthropy, June 19, 2020,

17.  Rolland, “Giving in 2020.”

18.  Rolland, “Giving in 2020.”