Vanguard Charitable notches year of record giving despite market turmoil

Vanguard Charitable notches year of record giving despite market turmoil
In fiscal 2023, grants were up 11%, surpassing $2 billion, according to the sponsor of donor-advised funds.
AUG 10, 2023

Vanguard Charitable donors granted a record $2.1 billion during its 2023 fiscal year even as stocks tumbled.

The sponsor of donor-advised funds announced Thursday that granting increased 11% in fiscal year 2023, which ended in June, surpassing $2 billion for the first time in Vanguard Charitable’s quarter-century history.

Vanguard Charitable donors issued more than 195,000 grants to over 53,000 nonprofits, totaling $2.1 billion. The average grant amount was $10,972, a 17% increase over the prior year, according to the organization.

Donors who use DAFs are uniquely positioned to maintain their giving in the long term since the funds are designed to be countercyclical. The money in a DAF is already committed to charity, so even when stocks are down and donors may not be able to contribute as much, they can continue to grant money from their DAF.

Last month, Schwab Charitable revealed that its donors increased their giving by more than $5 billion during its 2023 fiscal year, which also ended June 30.

“The incredible increase in granting this fiscal year exemplifies how our donors consistently leverage their DAFs to maximize and extend their charitable impact — even in the face of economic uncertainty and headwinds in national levels of giving,” Rebecca Moffett, president of Vanguard Charitable, said in a statement. “This again demonstrates the power of a DAF and how funds already earmarked for charity remain available and ready to be deployed to nonprofits in need both immediately and over the long term.”

Elsewhere in the report, Vanguard Charitable said it distributed over 37,000 recurring grants totaling more than $114 million in its fiscal 2023, an 11% increase from 2022. Recurring grants are scheduled to automatically reissue according to a set schedule throughout the calendar year, providing more consistency for nonprofits.

The most popular causes for Vanguard Charitable donors were human services, with grants totaling more than 54,000; religion, with 43,000-plus grants; and education, with 30,000-plus.

Retirement crisis inflamed by lack of income offerings in 401(k) plans

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.