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July 20, 2015 at 05:49 AM
Schwab Charitable and Fidelity Charitable last week reported big increases in grants recommended by their donor-advised-fund account holders.
Schwab Charitable donors granted a record $1.1 billion to charities in fiscal year 2015, ended June 30, a 30% increase over the 2014 fiscal year.
This was more than four times the rate of increase in total giving in the U.S. in 2014, Schwab said in a statement, citing the Giving USA 2015 report.
“As we surpass $1 billion in grants, it is clear that donors are focused on making a material difference in the lives of others through their sustained philanthropic efforts,” Schwab Charitable’s president Kim Laughton said in the statement.
Schwab reported that its donors contributed to some 42,000 charitable organizations, with the largest number of individual grants going to nonprofits focused on health and human services, religion and education.
And more than $2 million went to relief efforts following the April 26 earthquake in Nepal.
In fiscal 2015, Schwab said, 68% of contributions into DAF accounts were appreciated investments or assets, including publicly traded and restricted stock, real estate and interests in private businesses, private equity, venture capital funds and hedge funds.
