2004 A Record Year for Philanthropy at Vanguard Charitable Endowment Program.MALVERN, Pa. -- The Vanguard Charitable Endowment Program announced today that its charitable giving activity for the year ended December 31, 2004 significantly surpassed that of any prior year. The Endowment Program granted over $197 million to public charities nationwide in 2004, more than twice as much as in 2003. Donor contributions to the Endowment Program also nearly doubled from $221 million to $438 million for the same period. "We are grateful for the generosity and trust of our donors," said Benjamin R. Pierce, Executive Director of the Vanguard Charitable Endowment Program. "I believe that the simplicity and high ethical standards of our donor-advised fund have struck a chord chord, in geometry chord (kôrd), in geometry, straight line segment both end points of which lie on the circumference of a circle or other curve; it is a segment of a secant. A chord passing through the center of a circle is a diameter. with America's philanthropists, and the word is spreading." Donor-advised funds continue to be the fastest growing charitable vehicle in the nation. "Donors have also found that their donor-advised funds provide a ready charitable reserve for crisis giving, and have responded quickly to the disaster in Asia," said Mr. Pierce. So far in 2005, the Endowment Program has granted over $2 million to tsunami relief organizations. The Vanguard Charitable Endowment Program is a public charity established to support and increase philanthropy philanthropy, the spirit of active goodwill toward others as demonstrated in efforts to promote their welfare. The term is often used interchangeably with charity. across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Endowment Program's donor-advised fund serves individual and corporate donors who are seeking a simple, low-cost way to coordinate their philanthropic phil·an·throp·ic also phil·an·throp·i·cal adj. 1. Of, relating to, or marked by philanthropy; humanitarian. 2. Organized to provide humanitarian or charitable assistance: planning. Upon contributing cash or marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has to the Program (minimum $25,000), donors receive an immediate tax deduction Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. and may then recommend grants to qualifying public charities of their choice over time. The Vanguard Charitable Endowment Program is a separate and independent organization from The Vanguard Group and is governed by its own Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. . The Program presently has over 4,350 donors, approximately $900 million in assets, and has granted over $475 million to public charities across the country since its inception in 1997. |
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