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Silicon Valley Community Fund has an endowment of between Stanford's and Harvard's, around $14 billion USD. The reason is that backers can pledge funds and get
by anon49124 8y ago
Silicon Valley Community Fund has an endowment of between Stanford's and Harvard's, around $14 billion USD. The reason is that backers can pledge funds and get tax advantages now, while deferring transfer of funds/assets until later. It's also under no obligation to help anyone, and donors can put strings attached to realize their own pet projects. IOW, the whole thing is a tax-dodge.
- URSpider94 8y agoThat’s not correct, you can not take a tax benefit until you actually turn over control of the assets to the fund. “Pledges” do not generate tax deductions.