As close watchers know, AB 1712 – the Donor-Advised Funds Transparency bill – was passed out of committee by the Assembly Judiciary Committee last week and sent to the Appropriations Committee for further consideration. This positive development occurred in large part because legislators saw the support from nonprofits in their districts: more than 100 nonprofits signed the support letter for AB 1712, including the United Ways of California, the Women's Foundation of California, and dozens of community-based nonprofits.
What is very clear: state leaders recognize that policies governing donor-advised funds (DAFs) must change. There are too many, much-needed resources at stake for nonprofits and for society as a whole:
AB 1712 partners – author Assemblymember Buffy Wicks, CalNonprofits, NextGen California, and Kat Taylor – have discussed some new approaches to addressing these policy concerns in recent meetings with other legislators and stakeholders. As a result, Assemblymember Wicks will be introducing a new bill in February that will replace AB 1712. The contents of that new bill are still being developed. We will update you again as soon as the new legislative approach is solidified.
Part of our job at CalNonprofits is to speak up for nonprofits in arenas where it would be hard for them to speak up individually. We so appreciate the tremendously positive feedback we've gotten from nonprofits about this bill.
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If you have questions, please Lucy Salcido Carter, Public Policy Director at lucyc[at]calnonprofits[dot]org.