Fidelity Charitable has announced that its donor-advised funds awarded a record $3.5 billion in grants to more than a hundred and ten thousand charities in 2016.
According to a preliminary giving report, the number of donor-recommended grants awarded by the public charity jumped 15 percent on a year-over-year basis, to eight hundred and forty thousand. The fund attributes the growth to strong financial markets in 2016; the increasing popularity of donor-advised funds; a renewed sense of urgency among donors to support the causes they care about after the election of Donald Trump as president; and support for disaster-related giving, including a desire to help those affected by the global refugee crisis and various natural disasters.
During 2016, Fidelity Charitable also worked to improve its programs, IT infrastructure, and interface for donors and financial advisors, and it was the first full year in which the fund accepted donations of bitcoin, receiving a total of $7 million in the electronic currency.
"The dedication to giving with impact and the variety of causes our donors support is a constant source of inspiration for me and everyone at Fidelity Charitable," said the organization's president, Pamela Norley. "Our donors' generosity helps millions of Americans every year, and we are privileged to help them give back to local, national, and global communities."