Foundation Source has been making a splash in the philanthropy world since it had a change at the top and was acquired by a private equity house two years ago in September 2023.

Foundation Source, which last week unveiled a partnership with Envestnet, is expanding its donor-advised (DAF) platform.

The US organization said it is adding multi-custodial capabilities to its existing white-label infrastructure.

Foundation Source provides philanthropic solutions for donors, nonprofits, institutions, and the wealth advisors who serve them. 

The new enhancement is enabled through a new partnership with BridgeFT, whose application programming interface (API) enables Foundation Source to support several custodians, it said in a statement late last week. 

FS’s white-label DAF platform, which is purpose-built for advisors, is offered in partnership with sponsoring organization Charityvest.

“This expansion is about unlocking greater freedom for advisors to serve their clients without constraints,” Stephen Kump, president of DAFs at Foundation Source, said. 

The Foundation Source and Charityvest DAF platform supports a wide range of giving – from simple contributions to complex assets such as private equity, business interests, and real estate. It also enables paperless onboarding, one-click grantmaking, and access to philanthropic advisory services.

When Chicago-headquartered private equity firm GTCR acquired Foundation Source in September 2023, it gave the group more financial firepower to develop new offerings. This news service spoke to Joseph Mrak (pictured below), CEO, in May 2024. 

Joseph Mrak

As of June 30, Foundation Source supported more than 2,300 private foundations, 18,000 DAF accounts, and 1,800 nonprofits; it administers $40 billion in charitable assets.