The Silicon Valley Community Foundation grew into the largest philanthropy of its kind over the last decade by jumping on a trend: It offered technology's nouveau riche an attractive charitable account that shields their wealth from taxes, but doesn't require them to disburse it right away to charities.
Now, as the foundation seeks new leadership following a scandal that led to its top officials' ouster, local charities are urging new direction, arguing that these so-called “donor advised funds” have shortchanged Silicon Valley's needy.
