The announcement was made Wednesday by Deutsche Bank, the PGA Tour and IMG.
The Deutsche Bank U.S. Championship is a 72-hole, full-field event which will have a $900,000 first prize. Sports marketing agency IMG will be responsible for promoting and managing the event.
'I am thrilled that Deutsche Bank has selected the Tiger Woods Foundation to be the beneficiary of this new PGA Tour event,' said Tiger Woods. 'This will certainly assist our foundation's goals in helping and reaching out to youngsters in need, who will lead this nation to a brighter tomorrow.'
PGA Tour commissoner Tim Finchem said that Boston itself was one of the big attractions in the event's location. 'We look forward to the PGA Tour's return to the Boston area, and to showcase the new Tournament Players Club of Boston, which has already received outstanding reviews,' he said.
Deutsche Bank has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
The Tiger Woods Foundation was established in 1996 by Woods and his father, Earl. It empowers young people to reach their highest potential by initiating and supporting community-based programs that promote the health, education and welfare of all of America's children.