Our firm represents Philip Peterson, the designated successor advisor to the Peterson Family Stewardship Fund, a donor-advised fund holding over $21 million in charitable assets. Earlier this month, we filed a complaint in the United States District Court for the District of Colorado against WaterStone.
Philip’s father, Gordon Peterson, established the Fund in 2005 to support Christian ministries and the spread of the Gospel. For nearly two decades, the Fund faithfully supported organizations dedicated to Scripture translation, evangelism, and discipleship. Philip was designated as an advisor in 2017 and became the sole advisor after his mother’s passing in 2021.
In 2024, WaterStone cut off all communication with Mr. Peterson, revoked his access to account information, and refused to process his grant recommendations. For the first time in the Fund’s nineteen-year history, not a single dollar went to charity.
When Philip sought answers, WaterStone’s CEO told him never to contact them again.
This is a case of first impression. Can a donor-advised fund refuse advisory rights to a donor advisor? Donor-advised funds hold more than $250 billion across the United States. Mr. Peterson’s suit seeks to ensure that WaterStone honors his father’s wishes and that he remain as advisor to the Fund.
The complaint was filed by First & Fourteenth partners Andrew Nussbaum, Ed Gleason, and Rob Bucknam.
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