Vanguard Group Inc. said Tuesday that it will add three investment options for donor-advised fund accounts to its charitable endowment program.
Each of the new pools will invest in a mutual fund from the Malvern, Pa., company: the Vanguard Prime Money Market Fund, the Vanguard Total Stock Market Index Fund, and the Vanguard Total International Stock Index Fund. Two versions of each investment pool will be offered: a standard pool for accounts with balances of less than $1 million, and a select pool featuring reduced investment and administrative fees for accounts with $1 million or more.
The Vanguard charitable endowment was established to support and increase philanthropy in the United States. The program's donor-advised fund promotes charitable giving by working with individual and corporate donors seeking a low-cost way to coordinate philanthropic planning.
Donors contributing a minimum of $25,000 in cash or securities to the program receive an immediate tax deduction and may then recommend grants to qualifying public charities of their choice over time.
Since its inception in 1997, the program has attracted more than 5,900 donors, $1.6 billion of assets, and more than $1.1 billion of grants to public charities.
