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July 23, 2008

New Mutual Fund Offers Philanthropic Twist

A new mutual fund gives investors the opportunity to become donors — at the same time.

The Davlin Philanthropic Fund lets investors donate to charity a significant portion of the fees typically paid for managing the fund, while retaining ownership of the principal and any financial returns the investment earns.

Investors can currently select up to three charitable beneficiaries from a list of roughly 300 nonprofit organizations, including Easter Seals, the Salvation Army, and the World Wildlife Fund. The mutual fund says that it is also open to adding other qualified charities to the list, at the suggestion of its investors.

At the start, 0.50 percent of assets will be donated, out of fees totaling roughly 1.65 percent. The mutual fund’s founders hope that as the total amount of money under management grows, they will be able to increase the percentage that is contributed.

Recipient charities will receive the donations once a year. In the event that a charity has received less than $100 that year, the money will be redirected to a similar charity.

— Nicole Wallace

Wednesday July 23, 2008 | Permalink

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