Vanguard Charitable Endowment Program Launches Disaster Recovery Fund.

MALVERN, Pa. -- The Vanguard Charitable Endowment Program today announced the launch of a charitable vehicle aimed at addressing the ongoing effects of major disasters, while offering donors the chance to make tax-free contributions directly from their IRAs.

Through The Sustainable Disaster-Recovery Fund, the Vanguard Charitable Endowment Program seeks to provide valuable project and program funding by forming partnerships with experienced U.S.-based public charities. The goal is to fund sustainable solutions for areas impacted by tsunamis, hurricanes, and other disasters.

"We recognize that communities need support for months and years after the headlines have forgotten them," said Ben Pierce, the Program's executive director. "We've launched this fund in the hopes of creating informed and effective enhancements to the process of long-term recovery funding."

Unlike the Program's donor-advised fund, distributions from The Recovery Fund will be based solely on research by the Program's staff and review by its Board of Trustees. While this means that The Recovery Fund will not accept grant recommendations from donors, donors over age 70' may take tax-free distributions (of up to $100,000 per year in 2006 and 2007) from their IRA accounts to be paid directly to the Program in support of The Recovery Fund, as permitted by the Pension Protection Act of 2006.

"We believe that there are many who support the Vanguard Charitable Endowment Program's mission and philosophy that also wish to take advantage of the new IRA distribution provision," said Mr. Pierce.

The Vanguard Charitable Endowment Program's granting experience includes the research and issuance of nearly $1 billion in grants to more than 21,000 charities nationwide from its donor-advised fund, based on recommendations from donors and other authorized parties.

The Recovery Fund is not intended to provide immediate financial assistance to direct-relief organizations. At this time, the Board will not consider unsolicited grant proposals or requests from organizations interested in funding.

The Vanguard Charitable Endowment Program is a public charity established to support and increase philanthropy across the United States. With more than 5,000 donors, $1.2 billion in assets, and nearly $1 billion in grants to public charities since its inception in 1997, the Program is among the largest charities in the nation. While it was founded by Vanguard and shares many of Vanguard's values, the Vanguard Charitable Endowment Program is a separate, independent organization governed by its own Board of Trustees. Additional information is available at www.vanguardcharitable.org.