Schwab Charitable, the San Francisco-based provider of donor-advised funds, has announced that it facilitated more than $2.4 billion in grants to some 83,000 charities during the recently completed fiscal year, a 33 percent increase in dollars granted compared to fiscal year 2018 and a 26 percent increase in the number of grants.
With the stock market sitting at all-time highs as fiscal year 2019 came to a close in June, investors took advantage, with 66 percent of the contributions to Schwab Charitable during the fiscal year taking the form of non-cash assets, including publicly traded securities, restricted stock, real estate, and privately held business interests. And more than a year after passage of the Tax Cuts and Jobs Act, many donors also realized they could benefit from "bunching" their charitable contributions, including contributions of appreciated non-cash assets.
According to Schwab, donors born before 1946 recommended twelve grants with an average value of $12,000 to eight charities during the fiscal year ending in June; boomers recommended ten grants with an average value of $5,000 to seven charities; Gen X donors recommended seven grants with an average value of $7,000 to five charities; and millennials recommended six grants with an average value of $4,000 to three charities. Feeding America, Planned Parenthood, Doctors Without Borders, Campus Crusade for Christ, and the Salvation Army were the most widely supported grant recipients.
"Our donors consistently find ways to make a more profound impact on the causes they care about and this year they reached an incredible milestone," said Schwab Charitable president Kim Laughton. "Over an incredible twenty-year span of growing generosity, our donors have recommended a total of more than $12.5 billion in grants to a hundred and fifty thousand charities. Thanks to strong market performance over the majority of the last twelve months and a growing familiarity with the relatively new tax law, donors found the 2019 fiscal year to be an especially good time to give."