Google co-founder and billionaire Larry Page pushed around $400 million in publicly announced Christmastime donations between 2015 and 2017, but none of it reportedly went directly to charity.
"Donations from the foundations to the DAF count toward the 5 percent, even if the DAF then sits on the millions indefinitely."
Private foundations are required by law to disburse at least 5 percent of their assets a year, a requirement meant to make sure that these taxpayer-subsidized philanthropies actually took part in charity. But in recent years, Page's foundation has made last-minute donations to hit the threshold only by making bulk donations to separate charitable accounts Page also had some control over, donor-advised funds (DAFs). Those donations technically count as contributions by the foundation, helping it meet the 5 percent standard, even though that money can then sit in the donor-advised funds indefinitely, with no requirement that it goes to needy nonprofits.
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