California could become the first state to scrutinize how much of the billions of tax-sheltered donations in managed charitable funds actually flow out to charities.
A.B. 1712 by Assemblywoman Buffy Wicks (D) is intended to shine a light on donor-advised funds, the largest of which are sponsored by the nonprofit arms of financial services firms such as Fidelity Investments, Goldman Sachs Group Inc., Charles Schwab Corp., and Vanguard Group, according to a legislative staff analysis.
The bill passed its first hearing in the Assembly Judiciary Committee on Tuesday with a 7-2 vote and will be heard next in ...
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