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January 23, 2019 at 01:39 PM
Schwab Charitable, a donor-advised-fund provider, reported $2.2 billion in grants to 86,500 nonprofit groups in 2018, up 35% from the previous year. The organization’s donors recommended some 487,000 grants, a 32% increase from 2017.
In a statement, the organization said Feeding America, Planned Parenthood, Doctors Without Borders, The Salvation Army and Campus Crusade for Christ were the most widely supported grant recipients last year.
Through year-end, donors continued to contribute to their DAF accounts, invest the money to increase their charitable impact and recommend grants to their favorite charities, the report said.
This is not surprising. A recent study indicated that DAFs experienced growth in every key charitable giving benchmark in 2017, extending a multi-year trend.
Schwab Charitable said that despite worries about the potential effect of tax reform and the December market correction, its donors gave at historic levels. Just in the fourth quarter, they recommended more than 210,600 grants totaling $807 million, compared with 163,600 grants totaling $655 million in the same period a year earlier.
“Our extraordinary donors demonstrated that giving can flourish in a range of tax and market environments,” Schwab Charitable’s president, Kim Laughton, said in the statement.
