The T. Rowe Price Program for Charitable Giving, a national donor-advised fund, has reduced its annual administration fee, effective September 1, 2006, by varying amounts on asset balances of $500,000 or more.
According to the company, the fund continues to have one of the lowest administrative fees among national donor-advised funds founded by major financial institutions. For example, under the new T. Rowe fee schedule, accounts with a $2 million balance would have an annual fee of $6,250, almost $2,000 less than the Vanguard Charitable Endowment Program.
Donor-advised funds provide immediate tax benefits while allowing the donor to help choose the charities that will receive gifts over time. “Donors also have the potential to see the value of their contributions grow over time, enabling them to make potentially larger gifts in the future,” said Ann Boyce, president of The T. Rowe Price Program for Charitable Giving, in a statement. “And these funds provide a convenient and efficient way to implement a charitable giving program.”