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</div><div><h2 style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.2; margin: 0px 0px 10px; overflow-wrap: break-word; word-spacing: 3.6px;"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 153, 0);">The Dirty Dozen Funders&nbsp;</span>of Climate Misinformation</font></span></h2><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px;"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">A dozen of the largest nonprofits donated $47.8 million to the leading climate denial organizations, accounting for 88% of the funds CMD was able to track down</span>&nbsp;using FY 2014-20 federal tax returns.&nbsp;</font></span></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><span style="box-sizing: inherit;"><span style="background-color: rgb(255, 255, 102);">Half of the traceable funding came from DonorsTrust and Donors Capital Fund,&nbsp;</span>two donor-advised fund sponsors that pass along their clients’ donations to other charities approved by their boards of directors. While the two funds give exclusively to conservative causes, no restrictions are apparent within that ideology. For instance, CMD was first to report that DonorsTrust is by far the&nbsp;</span><a href="https://www.exposedbycmd.org/2020/12/04/dark-money-atm-of-the-conservative-movement-gives-1-5-million-to-white-nationalist-hate-group/" data-wpel-link="internal" style="text-decoration-line: none; font-weight: bold; color: rgb(0, 51, 153); outline: none; background-image: initial; background-position: 0px 0px; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: inherit; transition: all 500ms ease-in-out 0s;">biggest known funder of American white nationalist hate groups</a><span style="box-sizing: inherit;">.</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman"><b>Among the “Dirty Dozen” climate denial financiers are foundations established by the right-wing Bradley, Koch, Mercer, Searle, and Scaife families.</b>&nbsp;The Kochs, Mercers, and other Republican megadonors pour additional money into political groups and electoral campaigns focused on electing right-wing candidates who oppose meaningful action on climate change and often support expanding and deregulating the fossil fuel industry.</font></span></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px;"><span style="box-sizing: inherit; background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">The funders named in this report have also financed a broader right-wing political strategy to misinform the public about a number of issues and increase GOP voter turnout.</font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">“Bad actors are using a tried and tested playbook to weaken public mandates and create confusion [about] viable solutions going forward,” notes Jennie King, head of civic action and education at the Institute for Strategic Dialogue, an independent nonprofit dedicated to protecting human rights and reversing polarization, extremism, and disinformation around the world. “<b>This includes weaponizing climate response within a broader ‘culture wars’ frame and conflating it with any supposed controversy, from Covid-19 lockdowns and vaccine mandates to critical race theory, trans rights, or geopolitics.”&nbsp;</b></font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">Leading non-ideological donor-advised fund sponsors connected to the Vanguard and Fidelity financial firms are also among the Dirty Dozen climate misinformation funders.</font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">“We cannot solve the climate crisis until we solve the climate misinformation crisis,” U.S. Rep. Ro Khanna (D-Calif.) told CMD. “It is disappointing that mainstream organizations are still keeping ties with groups that have attacked climate science and legislative solutions. We need to be calling this behavior out publicly, so Americans know which organizations are linked to climate denial efforts.”</font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span style="box-sizing: inherit;" /></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">All nonprofits identified by CMD that gave $10,000 or more to the top climate misinformation groups from 2014–20 are listed in the table below.</font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">
</font></span></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">tABLE 2</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;"><b>Top Nonprofit Climate Denial Funders, 2014-20</b></span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">Numerous charities, private foundations, and trade associations have bankrolled the climate misinformation movement.</span></font></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word;"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;"><span style="background-color: rgb(255, 255, 102);">&nbsp;Page 1 of 4</span>&nbsp;&nbsp;</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">Table with 9 columns and 53 rows. Currently displaying rows 1 to 15.</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;"><b>Donor&nbsp; &nbsp;<span style="white-space: pre;"> </span>2014<span style="white-space: pre;"> </span>2015<span style="white-space: pre;"> </span>2016&nbsp;&nbsp;<span style="white-space: pre;"> </span>2017<span style="white-space: pre;"> </span>2018&nbsp;&nbsp;<span style="white-space: pre;"> </span>2019<span style="white-space: pre;"> </span>2020&nbsp;&nbsp;<span style="white-space: pre;"> </span>TOTAL</b></span></font></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word;"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;"><span style="background-color: rgb(255, 153, 0);">1<span style="white-space: pre;"> </span>DonorsTrust/Donors Capital Fund</span><span style="white-space: pre;"> </span>$3,293,850<span style="white-space: pre;"> </span>$3,816,850<span style="white-space: pre;"> </span>$3,676,750<span style="white-space: pre;"> </span>$2,422,000<span style="white-space: pre;"> </span>$3,830,200<span style="white-space: pre;"> </span>$2,101,732<span style="white-space: pre;"> </span>$1,416,500<span style="white-space: pre;"> </span><b>20,557,882</b></span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">2<span style="white-space: pre;"> </span>Searle Freedom Trust<span style="white-space: pre;"> </span>$839,500<span style="white-space: pre;"> </span>$589,500<span style="white-space: pre;"> </span>$1,140,000<span style="white-space: pre;"> </span>$940,000<span style="white-space: pre;"> </span>$1,096,000<span style="white-space: pre;"> </span>$754,000<span style="white-space: pre;"> </span>$985,000<span style="white-space: pre;"> </span>6,344,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">3<span style="white-space: pre;"> </span>Sarah Scaife Foundation<span style="white-space: pre;"> </span>$350,000<span style="white-space: pre;"> </span>$610,000<span style="white-space: pre;"> </span>$842,000<span style="white-space: pre;"> </span>$875,000<span style="white-space: pre;"> </span>$960,000<span style="white-space: pre;"> </span>$715,000<span style="white-space: pre;"> </span>$1,245,000<span style="white-space: pre;"> </span>5,597,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">4<span style="white-space: pre;"> </span>Mercer Family Foundation<span style="white-space: pre;"> </span>$885,000<span style="white-space: pre;"> </span>$100,000<span style="white-space: pre;"> </span>$1,075,000<span style="white-space: pre;"> </span>$970,000<span style="white-space: pre;"> </span>3,030,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">5<span style="white-space: pre;"> </span>Dunn Foundation<span style="white-space: pre;"> </span>$1,200,000<span style="white-space: pre;"> </span>$250,000<span style="white-space: pre;"> </span>$325,000<span style="white-space: pre;"> </span>$200,000<span style="white-space: pre;"> </span>$350,000<span style="white-space: pre;"> </span>$350,000<span style="white-space: pre;"> </span>$350,000<span style="white-space: pre;"> </span>3,025,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">6<span style="white-space: pre;"> </span>Bradley Foundations<span style="white-space: pre;"> </span>$344,376<span style="white-space: pre;"> </span>$318,876<span style="white-space: pre;"> </span>$458,500<span style="white-space: pre;"> </span>$519,000<span style="white-space: pre;"> </span>$280,000<span style="white-space: pre;"> </span>$475,000<span style="white-space: pre;"> </span>$110,000<span style="white-space: pre;"> </span>2,505,752</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">7<span style="white-space: pre;"> </span>American Fuel and Petrochemical Manufacturers<span style="white-space: pre;"> </span>$365,000<span style="white-space: pre;"> </span>$275,000<span style="white-space: pre;"> </span>$470,000<span style="white-space: pre;"> </span>$400,000<span style="white-space: pre;"> </span>1,510,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">8<span style="white-space: pre;"> </span>Koch Foundations<span style="white-space: pre;"> </span>$100,128<span style="white-space: pre;"> </span>$431,891<span style="white-space: pre;"> </span>$333,028<span style="white-space: pre;"> </span>$413,016<span style="white-space: pre;"> </span>$84,000<span style="white-space: pre;"> </span>$99,049<span style="white-space: pre;"> </span>$18,749<span style="white-space: pre;"> </span>1,479,861</span></font></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word;"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">9<span style="white-space: pre;"> </span><span style="background-color: rgb(255, 255, 102);">Vanguard Charitable Endowment Program</span><span style="white-space: pre;"> </span>$38,500<span style="white-space: pre;"> </span>$228,500<span style="white-space: pre;"> </span>$265,000<span style="white-space: pre;"> </span>$230,000<span style="white-space: pre;"> </span>$235,000<span style="white-space: pre;"> </span>997,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word;"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">10<span style="white-space: pre;"> </span><span style="background-color: rgb(255, 255, 102);">Fidelity Charitable Gift Fund<span style="white-space: pre;"> </span>$35,525<span style="white-space: pre;"> </span>$21,350<span style="white-space: pre;"> </span>$27,867<span style="white-space: pre;"> </span>$241,355<span style="white-space: pre;"> </span>$212,310<span style="white-space: pre;"> </span>$231,055<span style="white-space: pre;"> </span>$201,952<span style="white-space: pre;"> </span>971,414</span></span></font></p><p style="margin: 0px 0px 10px; font-size: small; background-color: rgb(255, 255, 255); box-sizing: inherit; padding: 0px; overflow-wrap: break-word;"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;"><span style="background-color: rgb(255, 255, 102);">11<span style="white-space: pre;"> </span>National Philanthropic Trust</span><span style="white-space: pre;"> </span>$150,000<span style="white-space: pre;"> </span>$175,000<span style="white-space: pre;"> </span>$175,500<span style="white-space: pre;"> </span>$176,000<span style="white-space: pre;"> </span>$200,000<span style="white-space: pre;"> </span>876,500</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">12<span style="white-space: pre;"> </span>Bartley J. Madden Foundation<span style="white-space: pre;"> </span>$45,000<span style="white-space: pre;"> </span>$270,000<span style="white-space: pre;"> </span>$270,000<span style="white-space: pre;"> </span>$250,000<span style="white-space: pre;"> </span>$30,000<span style="white-space: pre;"> </span>865,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">13<span style="white-space: pre;"> </span>Thomas W. Smith Foundation<span style="white-space: pre;"> </span>$150,000<span style="white-space: pre;"> </span>$175,000<span style="white-space: pre;"> </span>$200,000<span style="white-space: pre;"> </span>$200,000<span style="white-space: pre;"> </span>725,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">14<span style="white-space: pre;"> </span>The&nbsp;<b>85 Fund</b><span style="white-space: pre;"><b> </b> </span>$700,000<span style="white-space: pre;"> </span>700,000</span></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="box-sizing: inherit; word-spacing: 3.6px;" /></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span style="box-sizing: inherit;" /></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><span style="word-spacing: 3.6px;">15<span style="white-space: pre;"> </span>Ed Uihlein Family Foundation<span style="white-space: pre;"> </span>$10,500<span style="white-space: pre;"> </span>$129,000<span style="white-space: pre;"> </span>$35,000<span style="white-space: pre;"> </span>$115,000<span style="white-space: pre;"> </span>$115,000<span style="white-space: pre;"> </span>$140,000...</span></font></p><div style="font-size: small; background-color: rgb(255, 255, 255);">
</div><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">----</font></span></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small;"><font size="4" face="Times New Roman" style=""><b style=""><span style="background-color: rgb(255, 255, 255);">vanguard charitable endowment:</span><span style="background-color: rgb(255, 153, 0);">&nbsp;</span></b><span style="background-color: rgb(255, 153, 0);">brulle </span><span style="background-color: rgb(255, 255, 255);">2013:</span></font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">2003-10</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">donor trust</span>&nbsp;14%</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">scaife 7%,</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;bradley 5 plus 1% ed, koch 5, howard charitiable fdn&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">4, john w pope 4, searle 4,&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">templeton 4%,&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><b>dunn's fdn for the adv of rt thinking 2,</b></font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;smith richardson 2,<b>&nbsp;</b></font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><b><font size="4" face="Times New Roman">vanguard 2, 13 million</font></b></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">...annenbeg kohler 2, Lilly 2%</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">RECIPIENTs</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">aei 16%, heritage 14, hoover 8% 45 mil$, Manh 6%, cato 5, hudson 5, atlas 4, afp 4, locke 3,<span style="background-color: rgb(255, 255, 102);">&nbsp;heartl&nbsp;</span>3, reason 3, mrc 3,&nbsp;<span style="background-color: rgb(255, 255, 102);">mercatus&nbsp;</span>3, ncpa 3, cei 2, spn2,&nbsp;<b>pacif res</b>&nbsp;2, iwf 1, landmark 1, freedomwork 1 5.3m$</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;<a href="http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf" style="text-decoration-line: none; font-weight: bold; color: rgb(0, 51, 153); outline: none;">http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf</a>&nbsp; amnesty, some asian rx</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><b>Vanguard Charitable is a top&nbsp;15 U.S. nonprofit organization* that fulfills its mission&nbsp;to increase&nbsp;charitable giving by administering a donor-advised fund</b>--a tax-effective way to consolidate, accrue, and grant assets to charity. Since our inception in 1997, we have helped donors fulfill their philanthropic goals and make lasting charitable impacts.&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">---</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp; John J. Brennan</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Vanguard, chairman emeritus and senior advisor</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">University of Notre Dame, trustee</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Financial Industry Regulatory Authority,</span>&nbsp;governor</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Financial Accounting Foundation,</span>&nbsp;trustee and past chairman</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">United Way of Greater Philadelphia and Southern New Jersey, director</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp; &nbsp; &nbsp;Pamela Dippel Choney</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Wellington Management Company, LLP, retired partner and senior vice president</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Wellesley (MA) Scholarship Foundation, trustee and investment committee chair</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Harvard Business School, fundraising committee member&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp; &nbsp; &nbsp;James H. Gately</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Vanguard, retired managing director</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">William Penn Foundation, board member</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Fairmount Park Conservancy, board member</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">United Way of Southeastern Pennsylvania, former board member and chair</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp; &nbsp; &nbsp;Kathleen C. Gubanich</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Vanguard, managing director of Human Resources</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">American Benefits Council, executive board of directors officer</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">The Montgomery School, trustee and executive committee member</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp; &nbsp; &nbsp;Michael F. Holland</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Holland & Company, LLC investment firm, chairman</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Harvard College Fund, executive committee member and former co-chair</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">The Winston Churchill Foundation of the United States, trustee emeritus</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="Apple-tab-span" style="white-space: pre;"> </span>&nbsp; &nbsp; &nbsp;Christine James-Brown</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Child Welfare League of America, president and CEO</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Eagles Youth Partnership, director</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">William T. Grant Foundation, board member</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">&nbsp;</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Center for Effective Philanthropy, director</font></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">---</font></p><h3 class="dafSubhed" style="padding: 0px; margin: 25px 0px 0px; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Assets and Giving in 2011</font></h3><div class="dafFactwrap" style="font-size: small; background-color: rgb(255, 255, 255); margin-left: 20px; line-height: 24px;"><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Total assets of all donor-advised funds at the organization: $2.33-billion&nbsp;<span class="perChange" style="padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+21.3% change from 2010)</span></font></span></p><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Total amount donors contributed to their funds: $568.6-million&nbsp;<span class="perChange" style="padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+18.3%)</span></font></p><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Total sum donors channeled to charity from their funds: $486.9-million&nbsp;<span class="perChange" style="padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+3.9%)</span></font></p><p style="margin: 0px; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Number of funds: 7,760&nbsp;<span class="perChange" style="padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+11.5%)</span></font></p></div><h3 class="dafSubhed" style="padding: 0px; margin: 25px 0px 0px; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">About the Organization’s Funds</font></h3><div class="dafFactwrap" style="font-size: small; margin-left: 20px; line-height: 24px; background-color: rgb(255, 255, 255);"><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Average amount in each fund: $300,038&nbsp;<span class="perChange" style="padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+8.7%)</span></font></p><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Minimum amount a donor must supply to open a fund: $25,000</font></p><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Minimum a donor must give each time he or she adds to the fund: $5,000</font></p><p style="margin: 0px; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Fees: 0.60% on the first $500,000 of assets; 0.45% on the next $500,000; 0.15% on the next $29-million.</font></p></div><h3 class="dafSubhed" style="padding: 0px; margin: 25px 0px 0px; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Contributions to Charities</font></h3><div class="dafFactwrap" style="font-size: small; margin-left: 20px; line-height: 24px; background-color: rgb(255, 255, 255);"><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Accepts grant applications: No</font></p><p style="margin: 0px 0px 1.71429em; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Grant recipients, a sampling:</font></p><ul style="padding: 0px 0px 0px 17px; margin: 0px 0px 15px; border: 0px; list-style-position: inside; list-style-image: initial;"><li style="padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Appalachian Community Fund, Knoxville, Tenn. -- $19,000</font></li><li style="padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Lake Forest College, Lake Forest, Ill. -- $620,500</font></li><li style="padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Minnesota Orchestral Association, Minneapolis -- $2.4-million</font></li><li style="padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Physicians for Human Rights, Cambridge, Mass. -- $350,000</font></li><li style="padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Western Diocese of the Armenian Church of North America, Burbank, Calif. -- $51,000</font></li></ul><p style="margin: 0px; padding: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">To see a full list of all contributions: A list of grants made is available on the organization's&nbsp;<a href="http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf" style="text-decoration-line: none; font-weight: bold; color: rgb(0, 51, 153); outline: none; padding: 0px; margin: 0px; border: 0px;">IRS form 990</a>.</font></p></div><p style="margin: 0px 0px 1.71429em; font-size: small; padding: 0px; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a style="font-weight: bold; color: rgb(0, 51, 153); outline: none; padding: 0px; margin: 0px; border: 0px;"><strong>Get more information about this fund’s past performance</strong></a>&nbsp;<img class="premium-icon" src="file:///C:/DATAleno/BRAINS/webodec3_brain/Files/D1338581-4AE4-C482-9FBE-F7A9FC7F38D2/PersonalBrain%20Notes/downloadedimagefile0.gif" alt="Premium Link" style="border: 0px; padding: 0px; margin: 0px 0px 5px 5px;" /></font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;" /></p><p style="margin-top: 8px; margin-bottom: 8px; font-size: small; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
=</font></p><p style="margin: 0px 0px 10px; font-size: small; box-sizing: inherit; padding: 0px; overflow-wrap: break-word; word-spacing: 3.6px; background-color: rgb(255, 255, 255);"><span style="box-sizing: inherit;"><font size="4" face="Times New Roman">===</font></span></p></div>