A note from our president
A note from our president
To our partners in philanthropy,
2025 was a landmark year for Vanguard Charitable, a direct reflection of the remarkable generosity and dedication of our donor community.
Our donors’ commitment to giving translated into nearly $4 billion in grants to some 67,000 nonprofits all over the globe. We were also pleased to welcome thousands of new donors to Vanguard Charitable, a testament to the growing confidence philanthropists place in us to steward their giving.
2025’s momentum built steadily toward an incredible conclusion: a Giving Season that neared $1 billion in grants, shattering previous end-of-year records with a 130% surge compared to just five years ago. Such extraordinary expansion underscores how donor-advised funds have emerged as the vehicle of choice for donors committed to executing high-impact philanthropy.
Of all 2025’s milestones and achievements, what truly inspires me is how quickly our donors responded to areas of increased need. Grants to food banks and food programs, for instance, grew by an impressive 36%, even outpacing our overall granting growth of 27%. Driven partly by the government shutdown, this targeted response highlights our donors’ deep connection to community challenges and their unwavering commitment to meeting critical needs.
I had the honor of meeting with many donors in person over the past year. Behind every donor and every grant is a story of optimism, a vision for change, and a deep belief in helping others. Their dedication propels Vanguard Charitable forward with renewed purpose.
Looking ahead, we consider it our privilege and deepest responsibility to honor donors by walking alongside them as a trusted, exceptional partner in creating a meaningful charitable impact.
Thank you for your generosity and continued trust.
A note from our board chair
A note from our board chair
Fellow donors,
As I reflect on 2025, I’m filled with immense gratitude for what the year represented for Vanguard Charitable and the donor community of which I am proud to be a member.
The numbers tell an impressive story: 2025 saw significant growth, driven by stronger market conditions and a shifting tax landscape, which prompted record donor generosity.
We surpassed $24.4 billion in grants provided to worthy nonprofits since our 1997 inception, and that’s far more than a milestone. It's confirmation of the long-term, sustained trust that donors have placed in their charitable goals and investments with us for nearly three decades. That trust is both humbling and energizing.
But statistics alone don't capture all of what truly matters. While favorable markets certainly created fertile ground for charitable investments to flourish, it’s the power of donor intention, paired with Vanguard Charitable's trusted infrastructure, that converted opportunity into lasting impact. Last year illustrated that dynamic beautifully.
Watching our donor community expand and diversify is proof we're successfully sharing Vanguard Charitable’s message of strategic philanthropy and vision for increased impact. Through this collective generosity, we're shaping a brighter tomorrow.
So, this year, we're not slowing down. We're accelerating. We're evolving and improving our services, expanding our reach, and deepening our role as a trusted philanthropic partner. The foundation we've built positions us to serve donors and the causes they champion for generations to come.
The future is bright and we look forward to sharing it with you.
 Rebecca Moffett |  John J. Brennan |
Answering the call with charitable action
Time and again, Vanguard Charitable donors have proven that donor-advised funds serve as the most effective vehicle for delivering rapid, meaningful support when communities face their greatest challenges. With charitable assets ready to deploy, our donors respond to crises with both speed and strategic thoughtfulness, ensuring resources reach frontline organizations when they're needed most. From emergency food security programs to disaster recovery initiatives, donors have consistently shown up for their respective communities.
This unwavering commitment, paired with our industry-low investment fees, enabled record impact this year, with grants flowing to more charitable organizations than at any point in Vanguard Charitable’s history. Together, these elements create a philanthropic ecosystem where generosity meets efficiency, and preparation turns to action when it matters most.
By the numbers
A quick look at what our donors accomplished in 20251:
$3.96B
66,785
$14,808
267,838
Expanded grantmaking creates a more resilient nonprofit sector
Vanguard Charitable donors have notably expanded their giving, directing grants to more organizations than ever before. The nonprofit sector thrives when charitable support reaches beyond familiar organizations to fuel a diverse ecosystem of causes and communities. When more organizations receive consistent donor backing, they gain greater operational stability and resilience and are enabled to respond more effectively when hardships emerge.
The expansion of grantmaking is two-fold: donors maximize their impact across a wider range of causes areas, and a more robust philanthropic landscape is formed where resources flow to established and emerging nonprofits.
Vanguard Charitable donors granted to 34% more unique organizations over the last five years.2 | Over the last five years, Vanguard Charitable donors have supported an average of 14,000 new organizations each year.3 |
What our donors care about most
Top charities
In 2025, Vanguard Charitable donors supported these top 10 charities, by number of grants issued:
| 1. Doctors Without Borders | 6. Samaritan’s Purse |
| 2. World Central Kitchen | 7. Cru (Campus Crusade for Christ) |
| 3. American Civil Liberties Union Foundation | 8. International Rescue Committee |
| 4. Planned Parenthood Federation of America | 9. The Church of Jesus Christ of Latter-day Saints |
| 5. St. Jude Children's Research Hospital | 10. Stephen Siller Tunnel to Towers Foundation |
Top cause areas
Vanguard Charitable donors directed their granting to the following cause areas in 2025:
Health
33,000+ grants
Environment & Wildlife
20,000+ grants
Human Services
72,000+ grants
Religion
54,000+ grants
Education
38,000+ grants
Meet our Board of Trustees
Tasked with governing our overall strategy and effectiveness, our Board of Trustees oversees policies and promotes integrity and accountability throughout the organization.
John J. Brennan
Vanguard, chairman emeritus and senior advisor
John J. Brennan
- Vanguard, chairman emeritus and senior advisor
- American Express, board member
- Rockefeller Capital Management, board member
- University of Notre Dame, chairman of the board
Dr. Renee Bellamy Booth
Leadership Solutions Inc., President
Dr. Renee Bellamy Booth
- Leadership Solutions Inc., President
- Thomas Skelton Harrison Foundation, trustee
- Franklin Institute, trustee
Larry Dubinski
The Franklin Institute, president and CEO
Larry Dubinski
- The Franklin Institute, president and CEO
- Satell Institute, vice chair
- Deutsches Museum, board member
- American Alliance of Museums, treasurer
Michael S. Miller
The Vanguard Group, retired Managing Director
Michael S. Miller
- The Vanguard Group, retired Managing Director
- UVA Health Foundation, Board Chair
- University of Virginia Law School Foundation, trustee
- Hamilton Beach, director
Heather Templeton Dill
John Templeton Foundation, former president and CEO
Heather Templeton Dill
- John Templeton Foundation, former president and CEO
- Templeton Religion Trust, steering committee member
- Templeton World Charity Foundation, board member
- First Trust Bank, board member
Luis M. Viceira
Harvard Business School, finance professor and senior associate dean emeritus
Luis M. Viceira
- Harvard Business School (HBS), finance professor and senior associate dean emeritus
- HBS Investment Management Workshop and Asset Management Alumni Conference, co-chair
- National Bureau of Economic Research (NBER), research associate and co-chair of NBIM-NBER Conference on New Developments in Asset Management
Meet our leadership
Fueled by the mission of increasing philanthropy across the globe, our leadership team is dedicated to helping you make a charitable impact through strategic and thoughtful philanthropy. Learn more about our leadership team:
Rebecca Moffett
Chris Bennett
Lekesha Campbell
Dr. Lekesha Campbell serves as Vanguard Charitable’s head of human resources. With more than 15 years of experience as a psychologist, Dr. Campbell’s expertise merges business strategy, organizational performance, and human capital. Prior to joining Vanguard Charitable, she was a trusted advisor to the nation's top corporations and institutions, including Pfizer, Yum! Brands, Independence Blue Cross, and the Philadelphia Museum of Art.
Rebecca Clayton
Rebecca E. Clayton serves as Vanguard Charitable’s general counsel, guiding the organization’s complex legal and strategic matters. Rebecca’s decades of experience practicing law include overseeing the University of Pennsylvania’s Entrepreneurship Legal Clinic and working in the corporate and financial law group at CIGNA Corporation. She earned her bachelor's degree from Yale University and her JD from Harvard Law School.
Mark Froehlich
Ann Gill
Bryan Kelley
Bryan Kelley serves as the head of client services and operations of Vanguard Charitable, bringing nearly 30 years of leadership experience that blends finance and technology with a focus on strategic transformation and operational excellence. His expertise includes mutual fund operations, global sourcing, and large-scale technology initiatives. Bryan earned his bachelor’s degree from Penn State University and MBA from Villanova University.
Elaine Kenig
Jodi Rosen
1 All calendar year numbers reported as of December 31, 2025, unless otherwise stated.
2 Vanguard Charitable donors granted to 34% more unique organizations in 2025 compared to 2020.
3 Vanguard Charitable donors supported an average of 14,000 new organizations each year from 2020 to 2025.