TD Waterhouse said today that the Private Giving Foundation will disburse $735,000 to charities in 2005. It has already attracted donations totalling $15 million.

Launched in October 2004, the foundation is the first and only donor-advised fund program to be offered by a financial institution in Canada.-

“We’re very pleased that the Foundation is off to such a great start. Our goal is to build a fund that will provide a long term and increasing source of funding to the charitable sector,” said Jo-Anne Ryan, executive director, Private Giving Foundation.

According to TD Waterhouse, A donor-advised fund provides many of the benefits of a private foundation without the complexities and costs normally associated with establishing one. The minimum donation for the Private Giving Foundation is only $10,000 and it can be set up in less than 24 hours.

“Many of the donations we’ve received have been in the form of appreciated public securities,” said Ryan. “When publicly traded securities are donated to a public foundation such as the Private Giving Foundation, not only does the client receive a tax receipt for the market value, but any taxable capital gain is cut in half. Only 25% of the gain is reported as income.”

Registered charities receiving grants this year range from hospitals and medical research charities to environmental, educational, religious, and arts organizations, on a local, provincial and national level.