Schwab Charitable donor-advised fund account holders recommended some 700,000 grants, representing $3.3 billion, to more than 100,000 charities in fiscal year 2020 (ended June 30), the DAF provider reported last week.
This was a 33% increase in dollars granted and 24% increase in number of grants, compared with the 2019 fiscal year, a record.
The eruption of the coronavirus pandemic during the second half of the fiscal year brought a huge surge in donations, making that period the fastest growing second half of a fiscal year since Schwab Charitable’s first full fiscal year.
From January through June, donors recommended some $1.7 billion in 330,000 grants, up 46% and 44% over the same period in 2019.
“The last six months have been incredibly challenging, and I am truly inspired to see donors utilize their donor-advised funds to help communities and nonprofits impacted by health, economic, and social crises,” Schwab Charitable’s president, Kim Laughton, said in a statement.
From mid-February through the end of June, Schwab Charitable donors earmarked more than $145 million specifically for charities providing relief for communities hit by COVID-19.
According to the report, charities recommended by the Center for Disaster Philanthropy for COVID-19 relief saw a 250% increase in dollars granted year over year.
Throughout the fiscal year, the report said, 76% of Schwab Charitable donors dedicated a portion of their giving to organizations within their own state.
In fiscal year 2020, millennials, Gen Xers, baby boomers and older donors all increased their granting throughout the year, on average between seven and 13 times.
Donors supported upward of 100,000 charities throughout the fiscal year, a 14% year-over-year increase.
The most widely supported sectors in fiscal 2020 were religion, human services, education and health. The top recipient nonprofits were Feeding America, Planned Parenthood, Doctors Without Borders, Salvation Army and Campus Crusade for Christ.
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