As charities prepare for year-end donation drives, the worst recession in decades has given pause to the philanthropist next door. Investors who use donor-advised funds — an investment vehicle used for managing charitable donations — have been stymied because of stock losses.Money given to charities from donor-advised funds, with assets conservatively estimated at $21 billion, is a small fraction of overall charitable giving.Donations to charities dropped 2 percent last year, down to $308 billion as donors also cut back on putting money into their funds, waiting for their portfolios to rise.

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