Schwab Charitable donors gave record $3.3 billion last year

Users of Schwab’s donor-advised fund made nearly 700,000 grants in the year ended in June

Donors using Schwab Charitable, the company’s donor-advised fund, recommended nearly 700,000 grants, representing $3.3 billion granted to more than 100,000 charities, over the 12 months ended in June, Schwab said in a release.

That is a 33% increase in dollars granted and a 24% increase in the number of grants compared to the year-earlier 12-month period, which corresponds to Schwab Charitable’s fiscal year.

From January through June 2020, donors recommended more than $1.7 billion in 330,000 grants, marking a 46% increase in dollars granted and a 44% increase in the number of grants compared to the same period in 2019. This represents the fastest pace of growth in the second half of a fiscal year since Schwab Charitable’s first full fiscal year.

From mid-February through the end of June, Schwab Charitable donors earmarked more than $145 million specifically for charities providing relief for communities impacted by COVID-19, and the charities recommended by the Center for Disaster Philanthropy for COVID-19 relief saw a 250% increase in dollars granted year over year.

Throughout the fiscal year, most donors (76%) dedicated a portion of their giving to organizations within their own state.

[More: Congress pressed to mandate higher giving amid crisis]