Boston-based Fidelity Charitable has announced that it distributed a record $4 billion in grants from its donor-advised funds in the first half of 2019, an increase of 48 percent on a year-over-year basis.
According to the organization, the 668,000 grants recommended by DAF account holders in the first half of the year supported 105,000 charities. In 2018, donors recommended nearly 1.3 million grants totaling $5.2 billion to 142,000 charities, up from 840,000 grants totaling $4.5 billion to 120,000 charities in 2017. Fidelity Charitable also noted that since 2015, DAF account holders have authorized more than $106 million in donations of cryptocurrency to their accounts.
"The strong rate of grant activity from donors who use a Giving Account underscores how donor-advised funds have become a growing source of reliable nonprofit support during periods of uncertainty or market volatility, such as the dramatic market drop we saw at the end of last year," said Fidelity Charitable president Pamela Norley. "At a time when individuals may be continuing to make adjustments to their charitable giving as a result of tax reform, donor-advised funds are more important than ever as a stabilizing force for giving."