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Fidelity Charitable sets $4.8B record in grants for 6 months

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Fidelity Charitable sets .8B record in grants for 6 months

NEW YORK (AP) — Donations from Constancy Charitable climbed 11% to a document $4.8 billion for the primary half of 2022, the nation’s largest grantmaker introduced Wednesday.

The expansion in payouts from Constancy’s donor-advised funds — which let donors get pleasure from tax deductions and funding features on their donations earlier than they offer the cash away — paints a far sunnier image about philanthropy than different current studies.

The Giving USA report launched final month discovered 2021 donations had been down 0.7% when adjusted for inflation. That was an indication that the sector is mostly struggling to maintain tempo with elevated wants attributable to larger costs and international crises just like the pandemic and the struggle in Ukraine.

“Particular person donors are considerate once they contribute to their donor-advised funds, letting the expansion of these funds affect their giving,” Constancy Charitable President Jacob Pruitt advised The Related Press. “They can provide extra on the finish of the day and never solely are they giving extra, however they’re giving to a wide range of completely different causes.”

Constancy Charitable donors earmarked greater than $128 million in grants to Ukraine assist efforts within the first half of 2022, Pruitt stated. Emergency reduction group Worldwide Medical Corps noticed the variety of Constancy Charitable donors present them a grant bounce greater than 1000% in comparison with the primary half of 2021, whereas chef Jose Andres’ meals safety nonprofit World Central Kitchen grew greater than 500%.

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Equally, Schwab Charitable introduced Tuesday that its grants by means of its donor-advised funds had been up 27% to over $4.7 billion in its 2022 fiscal yr, which ended on June 30.

Pruitt stated Constancy Charitable has seen some slowing in donations in current months, however that it’s laborious to inform whether or not that can proceed. He stated knowledge on the amount of cash invested into donor-advised funds in 2022 to date wouldn’t be out there till the top of the yr.

“When the market is down and there may be volatility, our donors step up,” he stated. “Generosity will proceed.”

Nonetheless, “ Gilded Giving 2022,” a brand new report on donations launched Tuesday by the Institute for Coverage Research, says the growing recognition of donor-advised funds is distorting philanthropy and the form of charities that obtain cash.

Chuck Collins, co-author of the report and the Institute’s director of the Program on Inequality and the Frequent Good, stated we have now entered an period of “top-heavy philanthropy,” the place rich individuals dominate charities as a result of nearly all of individuals are struggling economically and are much less capable of afford to present. He stated rich individuals are likely to deal with donations to foundations that they management or legacy presents — massive donations to universities and museums that end in buildings being named after them so as to add to their reputations for generations.

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In response to the report, donations over $1 million in 2021 went primarily to foundations that the donors managed, donor-advised funds and faculties and universities. It notes that lower than half of American households now donate to charity, down from 68% simply 20 years in the past.

“The extra that rich individuals form the priorities of philanthropy, the much less we see individuals giving on to these serving to of their communities,” Collins stated. “We might see that change with the rise of oversight. We must always repair the design flaw.”

Laws requiring those that use donor-advised funds to complete making a gift of the cash inside 15 years to be able to keep their revenue tax deduction was launched within the Senate final yr by Republican Sen. Chuck Grassley of Iowa and Impartial Sen. Angus King of Maine, who caucuses with the Democrats. One other proposal would let cash stay in donor-advised funds for 50 years, however it will not be eligible for an revenue tax deduction till it’s donated.

Constancy Charitable’s Pruitt stated he helps laws that encourages donors to actively make grants from their donor-advised funds, although he factors out that almost all cash in these accounts is already donated inside 5 years.

“The fear,” he stated, “is unintended penalties.”

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Related Press protection of philanthropy and nonprofits receives help by means of the AP’s collaboration with The Dialog US, with funding from Lilly Endowment Inc. The AP is solely answerable for this content material. For all of AP’s philanthropy protection, go to https://apnews.com/hub/philanthropy.

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TVLine Items: Super Bowl to Stream Free on Tubi, Richard Jenkins Joins DTF St. Louis and More

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TVLine Items: Super Bowl to Stream Free on Tubi, Richard Jenkins Joins DTF St. Louis and More


Super Bowl LIX, How to Stream Free on Tubi, Schedule



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World leaders, US politicians react to Israel-Hamas cease-fire deal: 'Long-overdue news'

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World leaders, US politicians react to Israel-Hamas cease-fire deal: 'Long-overdue news'

Leaders in the U.S. and around the world commended the recent Israel-Hamas cease-fire deal on Wednesday.

Biden announced the terms of the cease-fire during a news conference Wednesday at the White House. It will consist of two phases and will take place over the next several weeks. 

The first phase, which is set to begin Sunday, “includes a full and complete cease-fire, withdrawal of Israeli forces from all the populated areas of Gaza, and the release of a number of hostages held by Hamas, including women and elderly and the wounded,” Biden said.

The second phase is contingent on Israel negotiating “the necessary arrangements,” to mark a complete end to the war.

BIDEN BALKS WHEN ASKED IF TRUMP DESERVES CREDIT FOR ISRAEL-HAMAS CEASE-FIRE DEAL: ‘IS THAT A JOKE?’

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Citizens gather on Place de la Republique to celebrate the cease-fire agreement in Gaza between Hamas and Israel in Paris, Wednesday. (Luc Auffret/Anadolu via Getty Images)

The response to the deal was overwhelmingly positive. New York Gov. Kathy Hochul said that she was “very encouraged” to see the cease-fire come to fruition.

“This is something I’ve called for many, many months over the last year since the horrific, barbaric attack on innocent civilians in Israel that occurred on October 7 of last year,” Hochul said. “My main priority has been bringing home the hostages.”

Rep. Ritchie Torres, D-N.Y., wrote on X that he felt “an indescribable sense of relief,” about the return of the hostages.

“The return of the hostages will mark the beginning of closure for Israelis and Jews, as well as countless others, who continue to be deeply affected by the indelible terror and trauma of October 7th,” Torres wrote. “The hostages have been brought home by the power of the world’s most powerful friendship – the US-Israel relationship.”

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The deal also attracted international attention. In a statement, British Prime Minister Kier Starmer called the cease-fire “long-overdue news.”

FOX NEWS GETS AN INSIDE LOOK AT IDF’S WAR AGAINST HAMAS

Israelis protest

Hundreds of people, demanding the immediate return of prisoners held by Hamas, gather with banners and photos of prisoners to protest against Israeli Prime Minister Benjamin Netanyahu and his government outside the Defense Ministry building in Tel Aviv, Israel, on Wednesday. (Stringer/Anadolu via Getty Images)

“[The Israeli and Palestinian people] have borne the brunt of this conflict – triggered by the brutal terrorists of Hamas, who committed the deadliest massacre of Jewish people since the Holocaust on October 7th, 2023,” Starmer said. “The hostages, who were brutally ripped from their homes on that day and held captive in unimaginable conditions ever since, can now finally return to their families.

“But we should also use this moment to pay tribute to those who won’t make it home – including the British people who were murdered by Hamas. We will continue to mourn and remember them. “

In an X post translated from French to English, French President Emmanuel Macron said that the cease-fire must be respected.

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“After 15 months of unjustifiable ordeal, immense relief for the Gazans, hope for the hostages and their families,” Macron said. He also referenced Ohad Yahalomi and Ofer Calderon, two French-Israeli hostages.

Though many are celebrating, some have expressed caution about the possibility of the deal falling through. 

Israel-Hamas ceasefire and hostage release deal

President Biden delivers remarks on the recently announced cease-fire deal between Israel and Hamas while joined by Vice President Kamala Harris and Secretary of State Antony Blinken in the Cross Hall of the White House, Wednesday.  (Anna Moneymaker/Getty Images)

 

On Wednesday, White House national security communications adviser John Kirby said that the “big hurdle” — which included finalizing the deal — had been “overcome.”

Hopefully, come this weekend, we’ll start to see some families reunited,” Kirby said, adding that he was “confident” that the deal will be implemented, despite hard work ahead.

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Fox News Digital’s Joshua Comins contributed to this report.

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Biden takes aim at oligarchs and extreme wealth in farewell address

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Biden takes aim at oligarchs and extreme wealth in farewell address

US President Joe Biden said ‘powerful forces’ threatened to undo his climate policies as Trump prepares to take office.

United States President Joe Biden has used his final formal address as president to warn of the dangers of “oligarchy” and “extreme wealth” to democracy, as President-elect Donald Trump prepares to begin his second term with an administration stacked with billionaires.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden said in the televised address from the Oval Office in the White House on Wednesday night.

Biden’s speech comes five days before Trump’s inauguration on January 20 and mere hours after Israel and Hamas announced they had agreed to a ceasefire in Gaza, an outcome that appeared to evade the Biden administration for months despite widespread opposition to the war among many Americans.

In his speech, Biden warned of “a dangerous concentration of power in the hands of a few ultra-wealthy people” and “dangerous consequences if their abuse of power is left unchecked”.

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President-elect Trump’s incoming administration has at least 11 billionaires holding official positions, according to the Democratic Party. They include the world’s richest man, billionaire Elon Musk, who Trump has said will co-lead the so-called Department of Government Efficiency.

Biden also warned that “powerful forces” threatened to undo his climate achievements, as unprecedented wildfires burn in Los Angeles, the second-largest city in the US.

Biden began his speech by briefly referring to the newly announced ceasefire deal between Israel and Hamas in the Gaza Strip, which Israeli Prime Minister Benjamin Netanyahu has partly attributed to Trump.

“After eight months of nonstop negotiation by my administration, a ceasefire and a hostage deal has been reached by Israel and Hamas,” Biden said.

Biden added that while his team had negotiated the deal, he had told them to keep the “incoming administration fully informed” since it would be “largely implemented” by them.

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While claiming the ceasefire as an achievement of his presidency, many voters in the 2024 presidential elections said they were unable to support the Democratic Party due to Biden’s dogged support for Israel’s war on the Gaza Strip.

Biden, 82, dropped out of contention for a second term in office after voters and his own party raised concerns over this performance in the first presidential election debate against then-Republican candidate Donald Trump, with Biden’s vice president, Kamala Harris, going on to contest the presidency and then losing to Trump.

Biden has used his final days in office to introduce a sweeping ban on offshore oil and natural gas drilling covering more than 625 million acres (253 million hectares) including the “entire US East Coast, the eastern Gulf of Mexico” and parts of the “Northern Bering Sea in Alaska”.

This has been seen as an apparent move to preempt Trump’s promise to “drill, baby drill” for oil “on day one” of his second term.

Biden said in his farewell address that “it will take time to feel the impact of all we’ve done together, but the seeds are planted, and they’ll grow, and they’ll bloom for decades to come”.

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