The pandemic has prompted an increased focus on charitable giving. In an effort to encourage donations, recent stimulus legislation made cash gifts to many public charities fully deductible for income tax purposes—but notably excluded contributions to donor-advised funds (DAFs). Notwithstanding this incentive, many large donors will likely continue to provide philanthropic support indirectly through grantmaking (that is, non-operating) private family foundations (PFFs) or DAFs rather than
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