Independent Sector | Newsroom -- IS President Submits Statement on Economic Recovery to Ways and Means

Newsroom

(Washington, D.C., October 30, 2008) -- Diana Aviv, president and CEO of Independent Sector, today submitted a statement to the House of Representatives Committee on Ways and Means at its hearing on “Economic Recovery, Job Creation and Investment in America.” As the Committee and Congress consider measures to address state and local government budget shortfalls, home foreclosures, and long-term unemployment, Ms. Aviv offered five additional proposals that would help the nation’s 1.5 million nonprofit organizations continue to provide the vital programs upon which communities across the country rely.

Ms. Aviv recommended lifting the ceiling on individual giving above 50 percent of their adjusted gross income; raising the annual $100,000 cap for gifts to charity from individual retirement accounts by Americans 70½ or older; simplifying the excise tax on private foundations so that foundations are not penalized for making increased gifts in times of greatest need; and establishing a temporary revolving loan that would provide short-term loans with reasonable interest rates to nonprofit organizations that are facing cash flow problems. In addition, the fund could be available to help foundations meet their commitments to communities without having to sell assets that are temporarily but significantly undervalued. Ms. Aviv also recommended providing temporary transition relief from the new funding rules for defined benefit pension plans under the Pension Protection Act of 2006.

To read the statement, please click here.

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Independent Sector is a nonprofit, nonpartisan coalition of charities, foundations, and corporate philanthropy programs, collectively representing tens of thousands of charitable groups in every state across the nation. Its mission is to advance the common good by leading, strengthening, and mobilizing the nonprofit community.