Vanguard Charitable announced Tuesday that Kevin Cavanaugh will join the organization as chief financial officer.
Cavanaugh most recently served as CFO and vice president of finance and administration at the Chemical Heritage Foundation, a Philadelphia-based nonprofit library, museum and center for scholars that is dedicated to preserving and making known the history of the chemical sciences.
As CFO of Vanguard Charitable, Cavanaugh will oversee approximately $6 billion in donor-invested philanthropic assets and all of Vanguard Charitable’s finance, accounting, human resources and compliance functions.
“We are pleased to welcome Kevin to the team. He brings with him both a successful record of financial leadership and a strong commitment to the charitable sector, both in his professional and personal life,” said Vanguard Charitable President Jane Greenfield in a statement. “This twofold background makes Kevin an ideal addition to our organization, which is focused on stewarding billions in charitable assets for the benefit of our donors and nonprofit organizations.”
Cavanaugh has nearly 20 years of experience in the private sector, during which he served in various senior financial positions at DuPont and Cephalon.
He then made a transition to similar roles in the nonprofit industry in the mid-‘90s. Cavanaugh worked in CFO roles at The Reinvestment Fund, a federally certified community development financial institution that reinvests millions of dollars into low-income communities, and then at Clean Energy Group, a national organization that advocates for smart energy technology, policies and markets. He continues to serve Clean Energy Group as a board member.
“Vanguard Charitable is driven by a compelling mission to increase philanthropy, and I am excited to play a role in that,” said Cavanaugh in a statement. “I am attracted to both the tremendous level of giving by our donors and the expansive breadth of impact the organization has across the United States.”
In the past year, Vanguard Charitable has seen significant granting gains.
Following the close of fiscal 2016, Vanguard Charitable reported a record $704.5 million in donor-recommended grants, bringing the total since Vanguard Charitable was founded in 1997 to more than $6 billion. These dollars were distributed via 71,000 individual grants, which was a 7.5% increase over 2015.
Human services-related organizations received 24% of Vanguard Charitable’s grants, followed by religious and educational organizations at 22% and 20%, respectively.
While many of the same charities receive substantial funding year over year, approximately 7,000 nonprofit organizations received their first grant from Vanguard Charitable — a figure that represents nearly 10% of all grants for the year.
The average Vanguard Charitable account granted five times in the past year for a total of more than $57,000.
Fidelity Charitable Announces New President
Fidelity Charitable also had some recent hiring news, announcing the appointment of Pamela Norley as president, succeeding Amy Danforth, effective Sept. 6.
She has held a number of senior leadership roles at Fidelity, most recently as executive vice president of enterprise talent and relationships groups for Fidelity Investments. In this role, Norley was responsible for managing Fidelity’s top institutional client relationships and for leading the talent management and recruiting organizations. Norley also serves as a co-chairwoman of Fidelity’s Community Committee for Corporate Citizenship.
Norley currently serves on the boards of several nonprofits including Points of Light, the Board of Advisors for the Greater Boston Food Bank, and the Board of Overseers for the Boston Ballet.
“In addition to having the ability and experience to lead a dynamic and growing charitable organization, we sought someone with a deep commitment to the nonprofit world. Someone who could help us further our mission of democratizing philanthropy,” said Alfred E. Osborne Jr., chairman of the Board of Trustees for Fidelity Charitable, in a statement. “Pam brings all of those qualities to Fidelity Charitable and more. We are incredibly excited to have her at the helm of our charity and look forward to the impact of her leadership.”
Danforth, who led the charity for two and a half years, has chosen to step down from her role as president for personal reasons. During Danforth’s time as president, the charity experienced a 57% increase in dollars annually granted to $3.3 billion, and Danforth most recently reached out to donors to help the charity meet its goal of granting $25 billion in 25 years.
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