Obama's New budget makes it hard(impossible) on Philanthropy

[jwrape]

I "was" involved in a small family foundation, until this week, that was created by my Grandfather with his own money to make it possible for the family to give money to non-profit charities for the benefit of our local and national community.
Our foundation gave to such 501(C3) charities as churches, Food banks, Oceananic organizations, the National Bald Eagle Foundation in Alaska, Childrens Hospital's and so on and so on. Many of these charities depended upon our donations every year to provide such things as Jet fuel for the transport of sick/dieing children, protection services for our Nation's Bird, Food for the hungry, clothes and transportation for the recovering Alcoholic Dad's and their families and so on.
To summarize it was a great thing to be part of and I will miss the feeling of giving to people that we helped for the past 10 years.

Anyways, to the point. Obama's new national budget includes NEW regulations on Private Foundations and Family Foundations that tell them where, how much and what they have to spend their money on and furthermore the budget document proposed states
“Especially now, donors

need to understand that

once the funds have

been placed in a foundation,

it’s not their

money anymore.”

This money was made by my grandfather and he already paid income taxes on it. The government should not be able to tell us where to GIVE the money away to.

The proposed budget regulations state in short that
1) At least 50 percent of its grant dollars to

benefit lower-income communities, communities

of color and other marginalized groups,

broadly defined

2) At least 25 percent of its grant dollars for

advocacy, organizing and civic engagement to promote

equity, opportunity and justice in our society

3) At least 50 percent of its grant dollars for
general operating support

4) At least 50 percent of its grant dollars as
multi-year grants

5) Pays out at least 6 percent of its assets annually in
grants (Currently at 5%)

6) Invests at least 25 percent of its assets in ways that
support its mission

And finally, Family foundations cannot get over a certain pre-determined size without being closed within 10-15 years AND a large slap in the face to family foundations, they are requiring that family foundations have a majority of NON-Family member board members on the board of trustees.
If that is made a requirement it pretty much demenishes the reasons behind having a "Family" foundation.

Obama is a Socialist and it shows.

This country is going to hell in a hand basket when a man that worked his entire life to make this money is TOLD to whom he has to give it to. That is a Damn shame.


So just in-case I wasn't clear, our Family foundation and many others like it have been recently forced to shut down and liquidate all assets. It is the end of an era of good people and good money going to needy people and good causes.

Way to go Obama, you just removed Millions if not Billions of dollars from the economy by telling good hearted people how to give away their money.... Amazing!


If you want to read more about this you can go hear and read "Philanthropy at it's best"
http://www.ncrp.org/