NU Online News Service, Dec. 5, 2003, 1:11 p.m. EST – The private banking unit at Citigroup Inc., New York, has set up Meaningful Assets, an international donor-advised fund.[@@]
Donor-advised funds are vehicles that wealthy investors can use to have a say over major donations without setting up separate foundations. Many donor-advised funds limit their charitable and investment activities to the United States, and many require that the donors make their donations in the form of cash or other liquid assets.
The Meaningful Assets fund can support important causes anywhere in the world, and it will accept donations of real estate, restricted stock, art collections and other illiquid assets, Citigroup says.
Citigroup managers will invest the fund assets in a conservative investment pool, a balanced investment pool and a growth investment pool.
Citigroup has hired Community Foundation Silicon Valley, San Jose, Calif., to provide back-office support and philanthropic advice.