When it comes to charity transparency—and Kate and I are in agreement on this—there are the charities that deliver programming, like WE, like World Vision or Oxfam. They're out there in the field. They're spending money. Whether they're having an impact or not, they're out there spending money.
There's also a group of charities—private foundations, community foundations and hospital foundations—that are holding on to tens of billions of dollars. The 10 biggest private foundations in Canada are sitting on assets of $32 billion, and by increasing the disbursement quota.... You know, Kate argues for 5%; I argue for 10%. That money is sitting there, and private foundations are not willingly going to increase that disbursement quota. They've shown that. That is something that's going to have to be regulated.
We did calculations at The Charity Report that if we raised the disbursement quota for foundations to 10% for three years as part of an emergency response to COVID, we would generate $14 billion from 20 of the largest private foundations in Canada. When we're talking about transparency, we need to be talking about the foundations that are sitting on tens of billions of dollars. This also comes to light when we're talking about donor-advised funds, where there's no disbursement quota required at all and which—