Review of Reviews: “Pay It Forward? Law and the Problem of Restricted-Spending Philanthropy,” 92 Wash. Univ. L. Rev. __ (forthcoming, 2016)

Private foundations (PFs) have received negative attention as passive vehicles that serve as largely untapped pools of capital for the wealthy, with no significant current benefit to charity. In 1969, Congress enacted an annual minimum distribution requirement to address this valid policy concern.¹ (In 1976, the distribution rate changed from a variable percentage to a static 5 percent rate.²)