Schwab Charitable, a donor-advised fund sponsor, recently reported that in fiscal year 2018 (ended June 30), its account holders recommended more than 420,000 grants representing nearly $2 billion in charitable gifts.
The dollar total exceeded the previous fiscal year total by 20%. Since Schwab Charitable’s inception two decades ago, donors have recommended $10 billion in grants to some 130,000 charities.
In fiscal 2018, Schwab Charitable donors recommended 36% more grants than in fiscal 2017 and supported 78,000 charities. The most widely supported ones were Feeding America, The Red Cross, Planned Parenthood, The Salvation Army and Doctors Without Borders.
“Strong market performance, disaster relief and uncertainty about tax reform drove giving in the second half of 2017,” Kim Laughton, president of Schwab Charitable, said in a statement. “And while time will tell how the new tax law affects charitable giving, the strong start to 2018 suggests that our philanthropically minded donors will continue giving generously even in this new tax and market environment.”
Throughout the fiscal year, 50% of Schwab Charitable’s existing account holders re-contributed to their DAF, and robust giving continued in the first half of 2018. In the January-to-June period, donors recommended upward of $925 million in grants, 40% more than in the same period last year.
In January, Schwab Charitable reported that it had facilitated some $1.6 billion in grants to 71,000 nonprofit organizations in calendar year 2017.