RETURNS OF, AND APPLICATIONS FOR RECOGNITION BY, SPONSORING ORGANIZATIONS.

SEC. 1235. RETURNS OF, AND APPLICATIONS FOR RECOGNITION BY, SPONSORING ORGANIZATIONS.(a) Matters Included on Returns.—(1) In general.—Section 6033, as amended by this Act, is amended by redesignating subsection (k) as subsection (l) and by inserting after subsection (j) the following new subsection:“(k) Additional Provisions Relating to Sponsoring Organizations.—Every organization described in section 4966(d)(1) shall, on the return required under subsection (a) for the taxable year—“(1) list the total number of donor advised funds (as defined in section 4966(d)(2)) it owns at the end of such taxable year,“(2) indicate the aggregate value of assets held in such funds at the end of such taxable year, and“(3) indicate the aggregate contributions to and grants made from such funds during such taxable year.”.(2) Effective date.—The amendments made by this subsection shall apply to returns filed for taxable years ending after the date of the enactment of this Act.(b) Matters Included on Exempt Status Application.—(1) In general.—Section 508 is amended by adding at the end the following new subsection:“(f) Additional Provisions Relating to Sponsoring Organizations.—A sponsoring organization (as defined in section 4966(d)(1)) shall give notice to the Secretary (in such manner as the Secretary may provide) whether such organization maintains or intends to maintain donor advised funds (as defined in section120 STAT. 1102 4966(d)(2)) and the manner in which such organization plans to operate such funds.”.(2) Effective date.—The amendment made by this subsection shall apply to organizations applying for tax-exempt status after the date of the enactment of this Act.