…see conversation with a Vanguard employee, even Vanguard’s own employees do not know! And here this Motley Fool Article calls Vanguard a non profit And see this article about TIAA CREFs not-for-profit status being revoked in 1998.
(From Vanguard Employee on Facebook post) Vanguard’s unique structure in shareholders “owning” the company qualifies for a status of not-for-profit company. In the 45+ years since Vanguard started, they have NEVER been a for profit organization. That statement in this article is inaccurate! Under its agreement with the funds, Vanguard must operate “at-cost”—it can charge the funds only enough to cover its cost of operations.