Increased regulatory scrutiny of the industry will impact how clients donate their wealth to charitable interests. Ann Limberg, head of philanthropic solutions and the family office for Bank of America’s elite U.S. Trust unit, discusses the firm’s approach and best practices for advisors.
What are some of the ways U.S. Trust is meeting increased regulatory demands that impact charitable giving for clients? U.S. Trust continues to leverage and expand our institutional philanthropic advisory services providing advice on governance, best practices and supporting efforts towards compliance and transparency. We also provide ASC 820 Reporting - industry leading report packet to support the FASB requirement of nonprofits to provide audited reporting on quality of assets in their investment portfolios. For private foundations there is increased scrutiny of philanthropic activity (i.e., state/federal reporting requirements, foundation staff salary scrutiny, private inurnment/self-dealing issues). U.S. Trust sets out to provide the breadth of expertise and specialization to help clients navigate these challenges.
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