VALLEY FORGE, Pa.--(BUSINESS WIRE)--Vanguard Charitable, one of the top charitable grantmakers in the United States and a leading donor-advised fund, announced today that Kevin Cavanaugh will join the organization as chief financial officer.

Mr. Cavanaugh, who most recently served as CFO and vice president of finance and administration at the Chemical Heritage Foundation, will oversee approximately $6 billion in donor-invested philanthropic assets at the nation’s 10th largest charity* 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. “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.”

Following nearly 20 years in the private sector, during which he served in various senior financial positions at DuPont and Cephalon, Mr. Cavanaugh transitioned to similar roles in the nonprofit industry, specifically at The Reinvestment Fund, a federally certified community development financial institution that reinvests millions of dollars into low-income communities, and 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 Mr. Cavanaugh. “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.”

Past year sees significant granting gains

Following the close of fiscal year 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—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.

About Vanguard Charitable

Vanguard Charitable is a leading U.S. nonprofit organization that fulfills its mission to increase philanthropic giving by administering a donor-advised fund—a tax-effective way to consolidate, accrue, and grant assets to charity. Since its founding by Vanguard in 1997 as an independent 501(c)(3) organization, Vanguard Charitable has granted more than $6 billion to charities on the recommendation of its donors. More information is available at vanguardcharitable.org.