In a new report, entitled World of Philanthropy: Entering the Mainstream? Celent examines the world of philanthropy, in particular the incredible growth that has taken place over the last decade. The report focuses on the use of private foundations as a vehicle for philanthropy, and also as a viable alternative to donor-advised funds. The report also profiles Foundation Source, a leading turn-key technology and service provider in the private foundation market.

According to Sang Lee, Analyst at Celent, "When people think about charitable foundations, names like Rockefeller, Ford, or Gates come to mind. Most people believe that charitable foundations are only available to the obscenely wealthy. However, thanks to services from firms like Foundation Source and Fidelity, setting up and running a private foundation doesn’t have to be a painful and costly process"

He goes onto add that "More and more financial institutions are looking to offer private foundations as part of their wealth management service for additional revenue generation and client retention."