VALLEY FORGE, Pa.--(BUSINESS WIRE)--Karin Risi, a managing director of Vanguard, has been elected to the board of trustees of Vanguard Charitable, a national donor-advised fund that is celebrating its 20th anniversary with a total of nearly $6.5 billion in grants to charities.
Ms. Risi leads Vanguard’s Retail Investor Group, which provides investment products, brokerage services, and advice and wealth management services to Vanguard’s individual investor clients. She holds BS and MBA degrees from Villanova University and joined Vanguard in 1997. Karin has held various leadership roles in her nearly 20-year tenure with the firm.
Karin, a breast cancer survivor and passionate advocate for those affected by the disease, also serves as the board chair for Unite for HER, a nonprofit that supports breast cancer patients throughout the region.
“Karin’s business leadership skills and commitment to the nonprofit sector will be valuable to Vanguard Charitable as it continues to drive its mission to increase philanthropy through its low-cost, high-value donor-advised fund,” said Jack Brennan, chairman of the Vanguard Charitable board.
“I’m grateful for the opportunity to serve with an organization that has such a profound impact on charitable giving,” said Ms. Risi. “With almost $6.5 billion in grants, it’s clear that Vanguard Charitable’s focus on long-term, strategic planning is resonating with donors and charities alike. I’m excited to contribute to such a talented team focused on maximizing the impact of philanthropic giving.”
Vanguard Charitable has experienced rapid growth, with a 31% increase in new accounts in 2016 over a year earlier. Nearly 30,000 charities in the United States and internationally received funding by Vanguard Charitable in 2016 through grants totaling $686 million.
A donor-advised fund is a charitable giving tool offered by a public charity such as Vanguard Charitable to manage charitable donations on behalf of individuals, families, corporations and other organizations. Donors invest an irrevocable, tax-deductible contribution in an account in the fund, where their assets can grow tax-free. In return for the tax benefits, donors surrender ownership of their assets but retain the right to recommend their grants. As a cause-neutral entity, Vanguard Charitable does not actively promote or recommend charitable causes, giving donors the flexibility to recommend grants to any public charity in good standing with the IRS.
About Vanguard Charitable
Vanguard Charitable is a leading U.S. nonprofit organization that fulfills its mission to increase philanthropic giving by administering a donor-advised fund—a tax-effective way to consolidate, accrue, and grant assets to charity. Since it was founded by Vanguard1 in 1997 as an independent 501(c)(3) organization, Vanguard Charitable has granted nearly $6.5 billion to charity. More information is available at vanguardcharitable.org.
1Although Vanguard provides certain investment management and administrative services to Vanguard Charitable pursuant to a service agreement, Vanguard Charitable is not a program or activity of Vanguard. A majority of Vanguard Charitable’s trustees are independent of Vanguard.