In 2006, Congress instructed Treasury to prepare a report regarding supporting organizations (SO) and donor advised funds (DAF), including whether contributions to SOs or DAFs should be deductible and/or whether SOs and DAFs should be subject to minimum distribution requirements. This long-awaited report was released by Treasury on December 5 and can be found by clicking here. Based on a quick review of this 100+ page report, there are no recommendations that would seem to require additional regulation beyond those amendments made by the Pension Protection Act of 2006 – the report concludes contributions are generally deductible, and no minimum distribution requirement is necessary. Of course, the report does not end the discussion – indeed, Senator Grassley immediately criticized the report calling it disappointing and unresponsive. Please stay tuned for more commentary as we continue to digest this report.