Schwab Charitable, the San Francisco-based donor-advised fund provider, has announced that it facilitated $2.2 billion in grants in 2018.
In 2018, Schwab Charitable donors recommended more than 487,000 gifts to over 86,000 charities, representing year-over-year increases of 32 percent and 35 percent, respectively. Feeding America, Planned Parenthood, Doctors Without Borders, Salvation Army, and Cru (formerly known as Campus Crusade for Christ) were the most widely supported recipients.
Despite concerns over the potential impact of tax reform and the sharp year-end market correction, Schwab Charitable donors gave at record levels, with donors recommending more than 210,600 grants totaling $807 million in the final three months of the year, up from 163,600 grants totaling $655 million in Q4 2017.
The report also notes that more than two-thirds of the contributions to Schwab Charitable accounts were in the form of non-cash assets. The most popular assets contributed in 2018 included publicly traded securities, restricted stock, real estate, and privately held business interests. Some donors also opted to concentrate, or "bunch," their charitable contributions in 2018 by donating a few years' worth of gifts to their donor-advised funds during the calendar year.
"Our extraordinary donors demonstrated that giving can flourish in a range of tax and market environments," said Schwab Charitable president Kim Laughton. "Under the new tax law, charitable giving is a relative bright spot for donors who itemize because the charitable deduction was preserved while several other popular deductions were capped or eliminated."