Fidelity Charitable has announced that its donor-advised funds recommended grants totaling $1 billion during the first quarter of 2018, a 42 percent increase over the same period last year and a quarterly record for the Boston-based public charity.
According to Fidelity Charitable, the more than 220,000 donor-recommended grants benefited over 62,000 nonprofit organizations and charities, while grant volumes were up 25 percent on a year-over-year basis. After experiencing a 20 percent increase in new accounts in 2017, the organization is on track for another record year in terms of number of grants and dollars awarded.
"Donor-advised funds allow donors to plan strategically and efficiently create the greatest impact for the causes they care most about," said Fidelity Charitable vice president and managing director Elaine Martyn. "This milestone illustrates that Americans are increasingly aware of the vehicle's benefits to support those causes."