Fidelity gift fund reports record year

Fidelity Charitable Gift Fund reached a record level in its grant-making: totaling $1.17 billion in grants to charity in 2007, reflecting an increase of 24% over 2006. The gift fund, which is the largest donor-advised fund, also attracted record contributions of $1.85 billion in 2007, up more than 45% year over year. Reductions in the minimum contribution from $10,000 to $5,000 fueled the growth, said Sarah Libbey, interim president of the Fidelity Charitable Gift Fund, in the announcement. Another factor was reducing the minimum grant, which would be given away. This was reduced from $250 to $100. More than 6,700 new accounts were established, up 44% over the prior year. The fund also expanded its investment pool program with additional choices for investors and re-designed its website. In its 15-year history of grant-making the fund has recommended grants of more than $7.7 billion to more than 118,000 charities. The gift fund had approximately $5 billion in assets as of Dec. 31, 2007.