Charitable Giving and Compassion Assistance Act of 2001

The Charitable Giving and Compassion Assistance Act of 2001 - Amends the Internal Revenue Code, with respect to charitable giving, to, among other things: (1) allow a charitable giving deduction to individuals not itemizing; (2) permit tax free distributions from IRA accounts for charitable purposes; and (3) increase the cap on corporate charitable contributions.

Provides expedited procedures for obtaining tax exempt status.

Provides grants for programs for mentoring the children of incarcerated parents.

Amends the Runaway and Homeless Youth Act to provide for maternity group homes and evaluation of such homes.

Provides financial support nongovernmental community based organizations for, among other things: (1) grant writing, legal, program development, and management assistance; (2) capacity building; and (3) delivering assistance to those in need.

Savings for Working Families Act of 2001 - Permits a qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual (income based) as part of a qualified individual development account program (matched individual and entity savings accounts for qualifying educational, first-time home purchase, or business expenses). Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs. Provides matching funds through a tax credit for a participating entity's program investment.