Schwab Charitable, the San Francisco-based provider of donor-advised funds, facilitated 830,000 grants totaling $3.7 billion in 2020 — a 39 percent year-over-year jump in the number of grants and a 35 percent increase in grant dollars awarded.
The number of charities supported by Schwab Charitable account holders in 2020 rose 13 percent, with 74 percent of donors recommending grants to at least one new organization. To help meet increased need in their communities related to COVID-19, donors increased their support for organizations and programs closer to home, with 60 percent of grants going to organizations within a donor's home state. Sixty-two percent of grants were not designated for a specific purpose, which afforded nonprofits greater flexibility to deliver critical services.
A survey of Schwab Charitable donors conducted in January found that 62 percent of respondents had increased the amount they gave to charity in 2020 and that 49 percent had recommended grants more frequently. More than half (56 percent) of respondents said they planned to boost their giving in 2021, while 44 percent said they planned to support a new charity.
"In a year full of challenges and uncertainty, I am moved by the resolute generosity displayed by Schwab Charitable donors," said Schwab Charitable president Kim Laughton. "Their commitment to supporting those most impacted by the COVID-19 pandemic and other crises we faced last year has truly been inspiring."