In a recently published report, MCN describes the need for an amendment to Minnesota’s Supervision of Charitable Trusts and Trustees Act which would require charitable trusts transferring funds to a donor advised fund (DAF) to include in their annual trust filing with the office of the attorney general an itemized list of all grants and contributions made or approved for future payment during the year from that DAF.
This reporting requirement would address the lack of oversight over $34 million in charitable funds transferred out of Minnesota to just five national commercial DAF sponsors from Minnesota charitable trusts from 2010 to 2018, with no opportunity for attorney general supervision over whether they are complying with restrictions on their funding.
To read MCN's full report or a condensed two-page synopsis, please click the links below:
One-page Synopsis
Executive Summary
Full Report