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Charity Enhancement Act of 2008

Press Release

Date: Sept. 27, 2008
Location: Washington, DC
Issues: Finance and Banking


CHARITY ENHANCEMENT ACT OF 2008 -- (House of Representatives - September 27, 2008)

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Mr. THOMPSON of California. Mr. Speaker, I would like to thank Mr. Lewis and Mr. Ramstad for their work on this very important bill, a bill that I am proud to be the coauthor of, and I rise today in strong support of this bill.

The provisions of this bill will play a vital role in allowing charitable organizations to better serve our communities. In fact, the two largest organizations representing charities, Independent Sector and the Council on Foundations, have both endorsed this critical legislation because it allows charities to better fulfill their valuable mission.

To help explain the practical impact of this bill, I would like to share the story of the Doyle Trust which benefits thousands of hardworking families.

Doyle Trust was founded 59 years ago to serve the students of Santa Rosa Junior College in Sonoma County, California. On Frank Doyle's death, he established the Doyle Trust which he funded with his 51 percent share in the Exchange Bank. Doyle created his trust so that dividends for his bank stock would go to a scholarship fund to help students attending this junior college.

Last year alone, more than $5 million in scholarships for 5,500 Santa Rosa Junior College students was donated by the Doyle Trust. It is not unusual to find three generations of the same family who have benefited from the Doyle Trust scholarships. The Doyle Trust is an institution in Sonoma County, and its contribution to the community makes a real difference in the lives of working families.

Without this legislation, the mission of the Doyle Trust may be undermined because provisions of the Pension Protection Act could force the trust to sell its assets.

The unintended consequence of the Pension Protection Act would be to end Doyle Trust's ability to continue providing scholarships to thousands of students at Santa Rosa Junior College.

I urge my colleagues on both sides of the aisle to help us pass this bill to ensure that future generations of Sonoma County families can benefit from the generosity of the Doyle Trust.

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