Inspiring the Future of Philanthropy Annual Report
A Letter from the Chairman and the President Dear Fellow Donor, Scott Bergeson Sarah C. Libbey As a result of our donors commitment to philanthropy, we are pleased to report that the 2008 fiscal year was strong for the Fidelity Charitable Gift Fund. More than 300,000 donor-recommended grants totaling over $1.1 billion were made to approximately 61,000 charitable organizations this year alone. This represents a 17% increase in grant dollars over the previous fiscal year. Since the Gift Fund s inception 16 years ago, more than 52,000 donors have recommended more than $8 billion in grants to over 124,000 charitable organizations. Donors were extremely responsive to devastating natural disasters, recommending more than $3 million in grants to support relief efforts associated with the Myanmar cyclone, China earthquake, and Midwest floods. This outpouring of generosity is irrefutable evidence of Gift Fund donors passion for truly making a difference. Amidst continued uncertain economic times, we find this to be particularly inspirational. As the Gift Fund continues to evolve, we strive not only to inspire, but also to deliver on our philosophy to make charitable giving easier for donors. Your suggestions allowed us to further enhance online Giving Account navigation and flexibility, helping you to strategically plan your giving. Also, we enhanced the ability for donors to support philanthropic causes worldwide on our web site by highlighting several international intermediaries to help facilitate grants to foreign charities in nearly every region of the world. Another new initiative launched last year, Students4Giving SM, engages students in the charitable giving process and gives them the tools they need to be successful future philanthropists. Working with Campus Compact and the Gift Fund, selected student-run programs at academic institutions across the United States established and funded Giving Accounts to facilitate grantmaking programs within their communities. As a result of the initial success with five schools, the number of participating schools will increase this year. We at the Gift Fund constantly challenge ourselves to find new ways to inspire the future of philanthropy and we would like to highlight some of our more recent initiatives. Introduced in September 2008, the Gift4Giving SM program provides a tangible way for Gift Fund donors to inspire others to give. Gift4Giving allows donors to give a special kind of gift online from their Giving Accounts, and it is a great way to involve friends, family or colleagues in charitable giving. We also recently expanded our investment options to include the new Charitable Legacy Pool. The pool is appropriate for donors with a Giving Account balance of $100,000 or more who want to approach charitable giving like an endowment. Looking ahead to 2009 and beyond, we will continue to deliver on the Gift Fund s mission of furthering the American tradition of philanthropy by making charitable giving simple and effective. With your ongoing generosity and grant activity, we hope to increase the Gift Fund s level of support to nonprofit organizations and continue to inspire future generations of philanthropists. Best regards, Scott Bergeson Chairman Board of Trustees, Fidelity Charitable Gift Fund Sarah C. Libbey President Fidelity Charitable Gift Fund
Board of Trustees Scott Bergeson, Chairman Provo, Utah Former Chairman and CEO, Osco Drug Company; Former Senior Executive, American Stores Company Special interests: education, health and science Board member since: 2001 Rudman J. Ham, Past Chairman South Natick, Massachusetts Former Vice President for Operations, Children s Hospital Medical Center Special interests: health and science, community and human services, education Board member since: 1992 Anna Spangler Nelson Charlotte, North Carolina President, C.D. Spangler Construction Co.; General Partner, Wakefield Group Special interests: education, community and human services, arts and culture Board member since: 2005 Alfred E. Osborne, Jr., Ph.D. Los Angeles, California Senior Associate Dean, UCLA Anderson School of Management; Associate Professor; Founder and Faculty Director, Harold and Pauline Price Center for Entrepreneurial Studies Special interests: arts and culture, community and human services, education Board member since: 2008 Thomas R. Powers Houston, Texas Former Chairman and CEO, Transamerica Fund Management Company Special interests: health and science, education Board member since: 1996 Melvin R. Seiden Pawling, New York Former President, Seiden & de Cuevas, Inc. Special interests: arts and culture, community and human services, education Board member since: 2003 Anne-Marie Soulliere Boston, Massachusetts President, Fidelity Foundations Special interests: arts and culture, education Board member since: 1992 The Gift Fund s mission is to further the American tradition of philanthropy by providing programs that make charitable giving simple and effective. Trustees Philanthropy Fund The Fidelity Charitable Gift Fund is governed by an independent, seven-member Board of Trustees. The Trustees are responsible for overseeing all aspects of the Gift Fund s operations, including overall stewardship of the philanthropic mission, investment performance, and review and approval of all contractual arrangements. Additionally, the Trustees oversee the direct grantmaking from the Gift Fund s general fund, the Trustees Philanthropy Fund (TPF). TPF funds are separate from Gift Fund donor contributions and are intended to engage the Board of Trustees and the organization in direct philanthropy. The TPF has granted more than $8.8 million to charitable organizations since its inception in 1991, and has delivered on fulfilling the Gift Fund s mission to further the American tradition of philanthropy.* This year, the TPF provided capacity-building grants to nonprofit organizations that support under-served children and families. The 15 organizations that benefited from TPF grants this year are located in the Washington, D.C., greater Baltimore and Philadelphia metropolitan areas. TPF grants will help these organizations, which have already demonstrated success, to pursue their missions even further. This includes funding of enhanced internal databases and web sites, as well as strategic and capital campaign plans. *Grant proposals are considered on an invitation-only basis.
Gift Fund Statistics $3,047 34,412 2005 $1,750 16,458 $508 6,120 $109 30,832 $34 697 $5 1,066 1993 2002 $2,389 $734 173,702 Assets in Dollars ($M) Number of Giving Accounts $372 89,916 154,826 $751 Grants in Dollars ($M) Number of Grants $4,717 47,918 Gift Fund Net Assets and Giving Accounts $1,165 305,183 Gift Fund Growth in Grantmaking 30,112 2008 1996 1999 2002 2005 2008 Geographic Distribution of Gift Fund Grant Dollars in Fiscal Year 2008 Over $25 Million $10 $25 Million $5 $10 Million $1 $5 Million Under $1 Million 1993 1996 1999 2008 Sector Distribution of Gift Fund Grant Dollars in Fiscal Year 2008 1.5% 8.8% 20.0% 24.2% 6.7% 28.1% 10.7% Animals & Environment Arts & Culture Community & Human Services Education Health & Science Other Religion Other: Charitable sector determinations are provided by the IRS. The Gift Fund does not assign the charitable sector. Any organization not assigned a charitable sector by the IRS is categorized here as Other.
Financial Results GIFT FUND Statements of Activity INCREASE (DECREASE) IN NET ASSETS /2008 /2007 Donor Contributions Investment and Other Income Total Revenues $1,594,934,259 293,737,910 1,888,672,169 $1,530,457,367 220,603,854 1,751,061,221 Distributions to Charitable Organizations Operating Expenses Total Distributions and Expenses (1,164,526,856) (19,251,917) (1,183,778,773) (995,043,080) (16,291,755) (1,011,334,835) Excess Revenues over Distributions and Expenses Net Realized Gain (Loss) on Investments Increase (Decrease) in Remainder Interest of Pooled Income Fund Net Change in Unrealized Appreciation (Depreciation) on Investments Change in Net Assets 704,893,396 34,764,095 (6,119,098) (643,578,145) 89,960,248 739,726,386 157,631,671 (1,993,452) 197,446,485 1,092,811,090 Net Assets at Beginning of Year Net Assets at End of Year 4,626,763,465 4,716,723,713 3,533,952,375 4,626,763,465 Number of Giving Accounts 47,918 41,819 POOLED INCOME FUND Statements of Changes in Net Assets INCREASE (DECREASE) IN NET ASSETS 12/31/2007 12/31/2006 Investment Income Net Realized Gain (Loss) on Investment Net Unrealized Appreciation (Depreciation) on Investments Net Increase in Net Assets Resulting from Operations $5,268,623 1,037,261 (3,542,647) 2,763,237 $4,334,896 608,607 1,693,689 6,637,192 Distribution to Beneficiaries Distribution to Fidelity Charitable Gift Fund Expenses Charged to Net Assets Contributions Received Total Increase (Decrease) in Net Assets (3,935,961) (2,244,530) (408,421) 1,911,269 (1,914,406) (3,446,100) (3,989,393) (397,275) 4,927,601 3,732,025 Net Assets at Beginning of Year Net Assets at End of Year 86,906,329 84,991,923 83,174,304 86,906,329 Units Issued 152,503 401,181 Number of Accounts 686 734
Fidelity Charitable Gift Fund P.O. Box 145445 Cincinnati, OH 45250-5445 CharitableGift.org 800.952.4438 Printed on 10% post-consumer waste recycled paper. Printed with soy-based inks. The Fidelity Charitable Gift Fund ( Gift Fund ) is an independent public charity with a donor-advised fund program. Various Fidelity companies provide non-discretionary investment management and administrative services to the Gift Fund. Gift4Giving, Students4Giving and the Charitable Gift Fund logo are service marks, and Giving Account is a registered service mark, of the Trustees of the Fidelity Investments Charitable Gift Fund. Fidelity and Fidelity Investments are registered service marks of FMR LLC, used by the Gift Fund under license. CGF-ANRPT-1008 505868.1.0 1.855324.102