Donors gave a record $2.2 billion in grants to 86,500 charities through Schwab Charitable in 2018, representing a 35% increase from the previous year.
A total of 487,000 grants were made, Schwab said in a release, with Feeding America, Planned Parenthood, Doctors Without Borders, Salvation Army, and Campus Crusade for Christ the most widely supported grant recipients last year.
Schwab Charitable said that despite the year-end market correction and concerns over the potential impact of tax reform, donors gave at historic levels, noting that in the last three months of the year, donors recommended more than 210,600 grants totaling $807 million, up from 163,600 grants totaling $655 million in fourth quarter of 2017.
Schwab said that 67% of contributions to its donor-advised fund were in the form of non-cash assets last year. It noted that some donors opted to donate a few years of gifts to their donor-advised funds in 2018 in order to maximize their tax benefits. Donors can do that by giving enough to make it advantageous to itemize deductions every few years and then taking the new higher standard deduction in other years.