Schwab Charitable, the San Francisco-based donor-advised fund provider, has announced that it facilitated nearly $2 billion in grants in its most recent fiscal year, up 20 percent from $1.6 billion in 2017.
In the most recent fiscal year, Schwab Charitable donors recommended more than 420,000 grants, up 36 percent on a year-over-year basis, in support of 78,000 charities, with Feeding America, the American Red Cross, Planned Parenthood, the Salvation Army, and Doctors Without Borders topping the list of organizations receiving grants. In addition, during the first half of the 2018 calendar year, donors recommended more than $925 million in grants, 40 percent more than during the same period last year. According to Schwab Charitable, 74 percent of contributions to its donor-advised fund accounts were in the form of non-cash assets, up slightly from 70 percent in 2017.
"Strong market performance, disaster relief, and uncertainty about tax reform drove giving in the second half of 2017," said Schwab Charitable president Kim Laughton. "Despite the volatile start to 2018, donors continue to rely on the convenience and tax efficiency of their donor-advised fund accounts to give highly appreciated assets to charity. And while time will tell how the new tax law affects charitable giving, the strong start to 2018 suggests that our philanthropically minded donors will continue giving generously even in this new tax and market environment."