Fidelity Charitable and Schwab Charitable, two national donor-advised fund programs have reported record-high financial results.
Fidelity Charitable, an independent charity with a donor-advised fund program, says nearly 180,000 outgoing grants totaling $691 million to nonprofits in the first half of the fiscal year represented a record and an increase of 14 percent from the same period last year.
Those grants brought the total amount recommended by donors and granted by Fidelity Charitable to over $13 billion since it was established as a public charity in 1991.
Contributions to Fidelity Charitable grew to $824 million, an all-time high, from $512 million in the first half of 2011.
In the fiscal year ended June 30, 2012, donors recommended grants totaling nearly $1.4 billion to nonprofits, up 11 percent from the previous fiscal year, while incoming contributions grew 10 percent to $3.2 billion.
Schwab Charitable, a national donor-advised fund organization, reported record charitable assets under management and record annual grants in the fiscal year ended June 30, 2012.
Assets under management grew to $3.16 billion, up 3.6 percent from a year earlier, while grants to charities grew to $524 million, up nearly 4 percent.
Assets under management exceeded $3 billion for the first time since Schwab Charitable was established in 1999.