Fidelity’s donor-advised fund saw $7.3 billion in gift-giving in 2019

Fund giant says 74% of grants went to a charity the donor had previously supported

Users of Fidelity Charitable, the nation’s largest donor-advised fund, recommended a record $7.3 billion in grants from their accounts in 2019, topping the previous record of $5.2 billion in 2018.

Organizations working in veteran support, disaster relief, environmental protection and civil discourse saw increased support, Fidelity said in a release.

Noting trends in granting, Fidelity said that 74% of the 2019 grants went to a charity the donor had previously supported, and 60% of grant recommendations were designated to be used “where needed most.”

[More: Money in donor-advised funds can make impact before distribution]

Fidelity said that millennial donors account for 13% of new giving accounts opened in 2019, more than double the portion five years ago. It also noted that while most charitable contributions in the United States are made in cash, checks or credit cards, more than 60% of Fidelity Charitable contributions in 2019 were made in the form of noncash assets, including publicly traded securities, nonpublicly traded assets, such as private stock, restricted stock and limited partnership interests, and cryptocurrency.

[More: Wealthy amass record $121 billion in tax-sheltered accounts]