Over the last 15 years.... Foundations—community foundations, private foundations—have their assets, and these have already been tax receipted. With the stock market gains over the last 15 years, these assets have been able to grow in excess of 8% each year. Of that growth of 8% each year, foundations are only required to pay out 3.5% to front-line charities, so that's the disbursement quota.
With the growth over the last 15 years, foundations—community foundations, private foundations—are now sitting on an estimated $110 billion, and that has already been tax receipted. When we talk about changing the disbursement quota from 3.5% to 5%, we're only talking about 1.5%. That might seem really small, but mathematically it's 43%.
By changing the disbursement quota from 3.5% to 5%, the community foundations and the private foundations will now have to open up and disburse 5% a year. They have the balance sheets to do that. The charity sector needs that cash right now, and just changing that from 3.5% to 5%, maybe just for the COVID period, would be a tremendous benefit.