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Breaking Open the “Piggy Banks of Charity” to Accelerate Giving: Kat Taylor, Co-Founder & Board Chair of Beneficial State Bank
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Season 2, Episode 3
Initially billed as a tool to give individual donors more control over their giving activity and accelerate charity, Donor Advised Funds (DAFs) have become controversial in the world of philanthropy. On top of the generous tax-savings these funds provide their donors, how, where, or even if the money gets distributed faces next to no official scrutiny, leading to charges that DAFs are more stealth-vehicles for wealthy patrons to dodge the IRS than legitimate charitable enterprises. On this episode of Renegade Capital, we invite Kat Taylor to discuss the problems with DAFs and the legislation currently on the table that aims to reform them.
About Kat Taylor.
Having lived through the tumultuous 1960s, Kat Taylor vividly remembers that era’s struggles for justice and equality. Those fights against bigotry and brutality remain unresolved to this day, and Kat is committed to being an ally against the exploitative economies that undermine the American dream for so many. Through her office, she works in service of restoring social, racial, and gender justice and environmental well-being for an equitable and inclusive world by championing legislation in her home state of California. Currently, she serves as Co-Founder and Board Chair of Beneficial State Bank, a Community Development Financial Institution and certified B Corporation that makes banking more accessible to underserved communities in an economically and environmentally sustainable manner – and aims to change the banking system for good. Kat is also a member of the Initiative to Accelerate Charitable Giving, a coalition advocating for common-sense reforms to get more resources into the hands of working charities faster. Her recent activity has put a spotlight on the many problems with Donor Advised Funds as a charitable vehicle, a perspective we are grateful to have on Renegade Capital.
Renegade Capital Tools & Tips
A renegade not only listens but acts. We've consolidated a few tips from this episode to help you invest in local communities.
- Support reform legislation: Contact your Congressional representative to support the ACE act and other critical reforms for charitable spending. Learn more at acceleratecharitablegiving.org/reforms.
- Sign the Good Life Pledge: The Good Life Pledge is a commitment for donors to “shift a third of all the assets under our control to community stewardship, ownership, and control” within their lifetime. You can learn more about joining this coalition at goodlifepledge.com.
- Amplify charitable giving in your own community: You don’t have to use a donor fund to contribute to your community! Donate directly to local charities like food banks and organizations that provide resources, shelter, and mental health services.
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