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.