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What is the relationship between the Vanguard Charitable Endowment Program and Vanguard®, the investment management company?

April 26, 2017charitable COMPANY endowment Investment Management program relationship Vanguard

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What is the relationship between the Vanguard Charitable Endowment Program and Vanguard®, the investment management company?

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A. The Vanguard Charitable Endowment Program was founded by Vanguard but operates as an independent, IRS-recognized public charity governed by a Board of Trustees separate from Vanguard. A majority of the trustees are fully independent of Vanguard. The Program has contracted with Vanguard to provide recordkeeping and investment-management services, which it pays for on a contractual basis.

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A. The Vanguard Charitable Endowment Program was founded by Vanguard, but operates as an independent, IRS-recognized public charity, and a majority of its Board of Trustees is fully independent of Vanguard. Vanguard Charitable has contracted with Vanguard to provide recordkeeping and investment-management services, which it pays for on a contractual basis.