MALVERN, PA - The Vanguard Charitable Endowment Program today announced record activity in both grants and contributions to the Program in the year ended June 30, 2003. The Endowment Program distributed more money in grants - $95 million - than in any previous year, benefiting more than 10,000 public charities across the United States. Contributions for the year totaled $181 million.

"We are delighted that so many donors are supporting the charities of their choice with significant gifts," said Benjamin R. Pierce, Executive Director of the Vanguard Charitable Endowment Program. Mr. Pierce attributed the Program's banner year to additional gifts from existing donors and growing recognition of the Program as an attractive alternative to private foundations and other more costly donor-advised fund programs.

"Donor-advised funds are the fastest growing charitable giving vehicle in America," said Mr. Pierce. "Because of the generosity of our donors, many charities across the country received important funding during this challenging year."

The Vanguard Charitable Endowment Program, which is widely considered as the low-cost provider of this expanding form of charitable giving, distributed grants in 2003 primarily in support of human services, education, and religious organizations.

The Vanguard Charitable Endowment Program is an independent public charity established to support and increase philanthropy across the United States. The Endowment Program serves individual and corporate donors who are seeking a simple, low-cost way to dedicate assets to philanthropy. The Program offers a donor-advised fund, which accepts contributions of cash, marketable securities, mutual fund shares and bonds (minimum $25,000). Donors receive an immediate tax deduction and then have the privilege of recommending 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. The Program presently has over 3,000 donors, approximately $485 million in assets, and has granted over $230 million to public charities across the country.

Vanguard Charitable Endowment Program

Vanguard Charitable Endowment Program

The Vanguard Charitable Endowment Program is a donor-advised fund established by Vanguard in 1997 as an independent, nonprofit organization. Donors create charitable giving accounts with a contribution of cash or securities, qualify for an immediate tax deduction, and then, over time, recommend charitable organizations to receive grants. This enables donors to separate their tax deductions from the act of giving to charity, and allows for the money to grow tax-free over time with the potential for more money to be available to charities.

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