Schwab Charitable reported Thursday it received record annual contributions to its donor-advised fund in fiscal year 2010, driven by the surge in the stock market last year and the conversion of private foundations to donor-advised funds that were less costly and time consuming.
The national donor-advised fund organization revealed that it received over $925 million in contributions in fiscal year 2010, the highest level in its 10 year operating history. A donor-advised fund is a charitable vehicle that allows individual donors to have as close to a private-foundation experience as possible, in terms of asset management, grant making and personalized attention. This helps remove administrative work and similar nuisances that pose barriers to giving and helps to realize the greatest possible tax benefits of charitable giving.
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