Schwab Charitable donors give record $3.7 billion in grants

Schwab Charitable donors give record $3.7 billion in grants
Dollar giving was up 13% in fiscal 2021, while the number of grants rose 24%.
JUL 20, 2021

Donors using Schwab Charitable, a large provider of donor-advised funds and other philanthropic services, gave 855,000 grants totaling $3.7 billion to more than 113,000 charities in the 2021 fiscal year ended June 30. That represented a 13% increase in dollars and a 24% increase in the number of grants given to charities compared to the previous all-time highs set in fiscal 2020, Schwab Charitable said in a release.

In fiscal 2021, Schwab Charitable donors recommended grants to 12% more charities than the previous fiscal year and to nearly 30% more organizations than in fiscal 2020. There also was a 48% year-over-year increase in the number of grants recommended by Schwab Charitable donors that were not designated for a specific purpose, which gave nonprofits greater flexibility during a difficult time.

Schwab said that since fiscal 2019, the number of recurring grants and grants made on mobile devices have more than doubled, and in fiscal year 2021, 79% of grant volume was handled through an automated review and approval process.

Last Wednesday, Fidelity Charitable reported that its donors recommended a record $4.3 billion in grants in the first half of 2021, up 27% in dollar terms compared to the same period in 2020.

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.