Fidelity, Vanguard Won’t Let Donor-Advised Fund Holders Donate to Southern Poverty Law Center
The New York Times • • nation
Key Points:
- The Southern Poverty Law Center (SPLC) was indicted last week by the Justice Department on charges of financial crimes, prompting supporters to donate online to aid its legal defense.
- Two major donor-advised fund sponsors, Fidelity Charitable and Vanguard Charitable, have suspended donations to the SPLC through their platforms amid the ongoing investigation.
- Fidelity Charitable cited its grant-making standards and the ongoing governmental investigation as reasons for ineligibility, while Vanguard Charitable referenced allegations that question SPLC’s ability to fulfill its charitable purpose.
- Donor-advised funds enable donors to contribute money, including appreciated investments, to a fund that acts like a personal mini-foundation, providing immediate tax deductions.
