Re: mark had no better place
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The Community Foundation is just like a DAF for Mark — he gets the tax benefit now in a more generous form and he is not subject to 5% minimum giving and he still controls the funds. It is smart for him to use this vehicle. I guess there are some minimums if you use this structure — I should understand that better.
They key thing we are talking about as I understand it is an easy way for people to give to high impact causes where we structure things for them. This is becoming clearer to me. We would have about 4 poor world health things, 1 poor world agriculture thing and 2 US education things that people could direct money to. If they commit in advance to give some minimum amounts to these things then they get our commitment to manage the funds. I am unclear of we are the actual DAF or we let them pick a DAF and just enter into a collaboration agreement.
there is much more to it. 1. the community foundation that mark gave to IS A DAF . 2. the one I propose for you. has higher quality managers. , better advice. more sophisticated avenues for giving ( trust structures ) allowing greater tax benefits, 3. you can decide how to give some percent of it as you see fit ( TBD) donors can decide to give to their own choices , some of yours, or distribute it amongst silos. 4. your DAF would be able to accept more complicated assets. ( sub s stock , real estate. illiquid positions ). yours would/could take advantage of its unique scale. we would make yours a minimum donation of a x ( anywhere from 100 m to 1 B ). that would also change its character.
I met with Reid Hoffman for quite awhile on the subject , and he would sign on in a heartbeat. Though he has Iconic investing his and his colleagues money , it is a parochial operation. Its like the sams club for billionaires , buying time on planes in bulk. etc.
Hoe ou and Melinda had a good holiday and this year is easier for everyone. If you want to speak , Im on all day