Vanguard Charitable reported a spike in giving during the first half of 2022 that was prompted by the Ukraine War and occurred in the face of a bear market.
The nonprofit organization announced Thursday that granting increased 14% over the first half of 2022, totaling a record $952 million.
Vanguard Charitable, which has granted over $14 billion to nonprofits since its inception in 1997, said that in the first six months of the year, donors distributed 83,838 grants with an average amount of $11,354, a 7% and 6% increase, respectively, compared to the first half of 2021.
Throughout Vanguard Charitable’s 2022 fiscal year, from July 1, 2021, to June 30, donors gave a record total of $1.9 billion to nonprofits.
Fidelity Charitable reported record support for nonprofits from its donors during the first six months of the year, announcing in late July that donors recommended nearly a million grants to charity totaling a record $4.8 billion in the first half, up 11% from $4.3 billion in 2021’s first half.
Earlier this week, BNY Wealth Management reported the number of gifts by its donors rose 10% last year while the total dollar amount jumped 27%, according to its fiscal 2022 Annual Charitable Gift Report.
“Giving must continue during times of economic uncertainty to support those most in need, but maintaining a giving strategy is not always easy to do during these times, Rebecca Moffett, president of Vanguard Charitable, said in a statement. "Our donors understand this and remain committed to giving due to the flexible nature of DAFs. The increase in granting we have seen so far this year exemplifies how our donors continue to provide a sustainable pipeline of funding to the cause areas and charities close to their hearts.”
In addition to their ongoing giving priorities and domestic relief pledges, donors have focused heavily on the humanitarian crisis in Ukraine. Vanguard Charitable said its donors granted nearly $60 million to Ukraine relief nonprofits in the first half of 2022.
Other top causes supported by Vanguard Charitable donors were: human services, which saw 31% of overall giving; religion at 25%; education at 15%; and health at 11%.
The top nonprofits supported were Doctors Without Borders, World Central Kitchen, International Rescue Committee, Direct Relief, and UNICEF, according to Vanguard Charitable.
"The stock market showed strong performance in 2021, so it makes sense that investors felt generous after a year that was drastically changed by the start of the Covid-19 pandemic. Individuals continue to demonstrate a desire to support causes that are meaningful to them and are now, more than ever, making donations and investments with organizations in line with their beliefs," said Bud Sturmak, head of impact investing and partner with Perigon Wealth Management.
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