Calvert Foundation Divests From Sudan

The Calvert Foundation has voted with its feet by divesting its Calvert Giving Fund, the donor-advised fund administered by the foundation, of all "companies affiliated with the Sudanese government," the foundation announced October 11.

Donor advised funds (DAF) have become a popular way for individuals to form personal or family foundations even if they don't have millions to endow a foundation with. Typically, costs are low as compared with establishing a foundation, yet donors can specify how and when they'd like their grants made, as they would within a foundation. Donors can have their assets appreciate as they make grants to qualified charitable organizations of their choice, on a deliberate basis and not simply timed with year-end tax planning. Starting with "as little as $5,000," donors select a portfolio from an array of mutual funds and other investment options so that their gift can continue to grow, as charitable gifts are made from a portion of their donor advised portfolio.

Timothy Freundlich, who in 2001 launched Calvert Giving Fund, says " Calvert Foundation is very pleased to announce that our investment platform does not support companies contributing revenue or capabilities to the government responsible for the humanitarian crisis in Darfur," in the announcement, adding, that this " will be of interest to individuals who want to 'start their own personal foundation' using a DAF, but who do not want their money to be tied directly or indirectly to companies that have dealings with the Sudanese government. We think that this will be an important option that many people will want to explore during the 2007 giving season and beyond."