This is a weird article. It strongly implies that donor advised funds (DAFs) are storing money indefinitely and not distributing it, but the average disbursement for DAFs is about 15% per year. In general, people committing the money to charity now even if they haven't decided what they want to fund is something I strongly support, because it means they can't later change their minds and keep the money.

The article also seems to evaluate DAFs primarily on how much they spend in the Bay Area:

    And even when it did give out money, the
    Silicon Valley Community Foundation often
    spent it outside of California. Last year,
    it gave out $436 million in grants to the
    nine-county Bay Area, which was just 34
    percent of the $1.3 billion in grants it
    dispersed.

The Bay Area is one of the richest regions of one of the richest states of one of the richest countries. There are definitely people in the Bay Area who need help, but overall I think it's really good that donors are becoming more interested in figuring out where their money can do the most good as opposed to only donating to organizations targeting the region they happen to live in.