Fidelity and Vanguard Block Donor-Advised Fund Gifts to Southern Poverty Law Center After DOJ Indictment
By
Ron Lieber
Pale and squishy. Not ruined, just not done.
Summary
Fidelity Charitable and Vanguard, two of the largest donor-advised fund sponsors, have blocked their account holders from donating to the Southern Poverty Law Center (SPLC) following a Justice Department indictment charging the civil rights nonprofit with financial crimes. The move prevents supporters from using tax-advantaged charitable accounts to help the SPLC fight the federal government in court.
Key quotes
· 3 pulledFidelity Charitable told its customers, who have over 350,000 charitable giving accounts that allow them to maximize tax savings while giving money to eligible nonprofits, that they could not donate to the center through the accounts anymore.
Both entities cited the Justice Department investigation into the civil rights organization in messages to its charitable account holders.
Last week, the Justice Department indicted the civil rights nonprofit on charges of committing financial crimes.
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