Donor-advised funds experienced double-digit growth in assets and contributions in 2012, according to National Philanthropic Trust's eighth annual report.
The report, published Monday, detailed an 18.9% growth in assets under management to $45.4 billion, up from a revised $38.1 billion in 2011.
Contributions to DAFs grew by 34.6% to $13.7 billion. This represents more than 4% of all charitable giving or upward of 6% of all individual giving in the U.S.
"The economic 'fiscal cliff' at year-end and the debate on Capitol Hill about the status of the charitable tax deduction — as well as increased awareness of the flexibility and functionality DAFs — sparked especially dramatic growth in DAF accounts and contributions in the last quarter of 2012," Eileen Heisman, president and CEO of National Philanthropic Trust, said in a statement.
