Saturday, February 9, 2008

Fidelity's Donor Advised Fund Makes Record Contributions

At least one donor advised fund is doing well - extremely well. The Boston Globe reports that the Fidelity Charitable Gift Fund, the largest donor advised fund in the country, donated more than $1 billion to charities in 2007.  This amount represents an increase of 24% over the amount contributed in 2006.  Part of the increase may be due to changes in the way the fund operates.  Fidelity now allows donors to create a "giving account" with as little as $5,000, down from a $10,000 minimum.  Donors created 6,700 new accounts in 2007, a 44% increase.  Fidelity also changed the rules on the minimum amount distributable from an account, reducing the amount from $500 to $100.  This change allows donors to make smaller donations to more charities.  The news is good for the charities receiving the contributions, and it's also good for Fidelity which takes a 0.6% fee (lower for accounts larger than $500,000).


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