This allows foundation members to quickly and
conveniently track, sort and organize annual granting in
relation to the foundation's mission.com

Foundation Source is the nation's leading provider of support
services for private foundations.

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The
company is headquartered in Fairfield , Connecticut, with regional
offices in New York City, Philadelphia, Palm Beach, FL, Chicago,
Denver , Salt Lake City, San Francisco and Seattle.

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Foundation Source Announces New Tracking and Reporting Features to Enhance Private Foundation Management

0, we expect 2005 to
be an important year of technical innovation for us, in support of our
clients' charitable endeavors.

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Users can now access their grant history
grouped by grantor, by recipient or by program area, and view
subtotals and consolidated totals by each of these groupings.
These new reporting views allow users to expand and collapse
the headings for convenient rolled-up summaries of giving
history. This provides our clients
with greater freedom, flexibility and utility as they pursue their
philanthropic missions," said Daniel M."

About Foundation Source (www.

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S. Charities
with missions related to health, religion, and environmental causes
also received significant support .----Foundation
Source(R), the nation's leading provider of support services for
private foundations , today announced the release of Version 9.

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Comparing grants to assets under management for its past five
fiscal years, the Program has distributed an average of nearly 17% of
its fiscal year-end assets each year.

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-- Expanded Report Library
Foundations can now choose from an expanded library of reports
designed for tracking and analyzing the foundation's granting
activities, financial information and administrative status.

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"But our donors' grant
recommendations have allowed us to transcend that requirement,
indicating that our donor-advised fund is not a vehicle for
accumulation but for supporting philanthropy. The Endowment Program's donor-advised fund serves individual
and corporate donors who are seeking a simple, low-cost way to
coordinate their philanthropic planning.

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"
"We are extremely pleased with the feedback we get from our
clients about the utility and ease-of-use of our secure, web-based
foundation management platform," said Daniel H.

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Mirroring Americans' growing participation in donor-advised funds,
the Endowment Program's 2004 contribution and grant activity doubled
compared to 2003, and the $500 million granting landmark represents
financial support provided to over 15,500 U. The company enables families,
directors, staff and advisors to focus more on mission, strategy and
charitable giving, and less on back-office administration and
compliance tasks.

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"The Internal Revenue Service
requires us to distribute an average of 5% of our assets each year,"
said Chief Operations Officer Janice Conner. Enhancements include:

-- Grant + Expense Tracking by Category and Sub-Category
Foundations can now allocate and track grants according to
user-defined categories and sub-categories, representing the
foundation's program areas of interest, special projects and
initiatives.

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"As the leading provider of outsourced support services for
private foundations , we continue to invest aggressively in our
technology platform and back-office systems to further simplify the
process of managing private foundations.

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----The Vanguard
Charitable Endowment Program marked a milestone event in early
February, 2005, when its grants to public charities nationwide since
its 1997 inception surpassed one-half billion dollars. Schley, chairman and CEO of
Foundation Source. We are happy to comply.
Foundation Source markets its products in partnership with leading
law firms and financial institutions, which include Atlantic Trust,
Bear Stearns, City National Bank, JPMorgan Private Client Services,
Mercantile Bank + Trust, TD Waterhouse and Wilmington Trust .

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foundationsource.

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0 of
Foundation Source Online(TM), the company's highly regarded internet
platform for foundation management. "We continue to evolve our
underlying technology and feature offering to an increasing level of
sophistication to match the increasing sophistication of our clients'
philanthropic activities.

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-based charitable
organizations. Upon contributing cash or
marketable securities to the Program (minimum $25,000), donors receive
an immediate tax deduction and may then recommend grants to qualifying
public charities of their choice over time. The new release includes a wealth
of new features that further automate and streamline the process of
operating private foundations by donors, directors, staff and trusted
advisors.
These reports can be created in a variety of formats, which
include Microsoft Word, Excel, PDF and HTML.

-- Easier Document Archiving
We have improved the user interface for our online document
archiving and provide foundations with more control over how
documents are organized.

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"
The Vanguard Charitable Endowment Program is a public charity
established to support and increase philanthropy across the United
States. Starting with Version 9.

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Vanguard Charitable Endowment Program Exceeds $500 Million Granted

Philanthropy Writers

MALVERN, Pa.

-- Improved Grant History
Foundations gain more control over how they view and segment
their grant history.

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The Vanguard Charitable Endowment Program is a separate and
independent organization from The Vanguard Group and is governed by
its own Board of Trustees.
Foundation Source offers a full range of administrative,
compliance monitoring and grantmaking services that keep private
foundations of all sizes running smoothly and in accord with IRS
regulations and federal law.

With 300 private foundations under
administration and 60 supported financial institutions, our
back -office systems, online services and experts on-call create
better-run foundations with more community connection - while
providing a more positive experience for all involved.

Grant-making foundations organized by the geographic region where they make grants.

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The Program presently has over 4,350
donors , approximately $900 million in assets, and has granted over
$500 million to public charities across the country since its
inception in 1997. "This new release was driven entirely by the
requests of our nearly 300 private foundation clients who have been
empowered by Foundation Source Online and press us to take the
platform even further. Berg, senior vice
president of product development .

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The majority of the granted funds advanced the work of
educational institutions and human services organizations.

Business Editors

FAIRFIELD, Conn.

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Foundation Source is a registered trademark and Foundation Source
Online is a trademark of Foundation Source Philanthropic Services Inc.

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