Fidelity Charitable Donors Recommend a Record $11.8B in Grants During 2023
Fidelity Charitable, an independent public charity and grantmaker, distributed $11.8 billion in donor-recommended grants in 2023—more than four times the amount distributed ten years ago, according to its 2023 Giving Report. Despite inflation and ongoing economic concerns, giving was up by over half a billion dollars, making 2023 the most impactful year to date for Fidelity Charitable.
“The American tradition of philanthropy continues to inspire and defy expectations,” said Fidelity Charitable President Jacob Pruitt. “As more donors and companies turn to smarter, more flexible giving avenues like the donor-advised fund, we expect to continue to see a rise in generosity and, in effect, a rise in impact.”
More than 322,000 donors recommended over 2.3 million individual grants to nearly 199,000 unique charities worldwide, providing vital support in a year of economic uncertainty. An average of 11.8 grants were recommended to charities per individual account.
For the first time, the report spotlights granting from the corporate donor-advised fund. Currently, more than 500 companies use the Corporate Giving Account to support their corporate philanthropy programs. These companies actively recommended an average of 65 grants in 2023 from their accounts, with an average grant amount of nearly $11,000.
As nonprofits have struggled with funding needs in the past several years, an impressive 63% of 2023 donor grant recommendations were designated “where needed most.”
Other 2023 Giving Report highlights include:
- Fidelity Charitable distributed over a half a billion more dollars in donor-recommended grants to charities in 2023 than in the previous year.
- The average grant size was $4,600, and the median account balance was $21,000.
- Nearly 80% of grants in 2023 went to nonprofits previously supported, demonstrating donors’ commitment to providing a reliable, consistent stream of revenue to their favorite charities, .
- A total of 63% of Fidelity Charitable contributions were made in the form of more strategic non-cash assets, enabling donors to give more.
- Donors contributed $1.4 billion in non-publicly traded assets, such as restricted stock, private equity, and limited partnership interests. Fidelity Charitable experts help donors identify the smartest assets to contribute and quickly convert these difficult-to-donate assets into cash available for granting.
- On average, three-quarters of donors’ contribution dollars are granted within five years of receipt. This continuous flow of grant funds to charities is consistent from year to year—reflecting the steady support that donor-advised funds provide for the nonprofit sector.
- Fidelity Charitable’s incremental lifetime investment growth has created $22.2 billion in additional funds for charitable causes.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of the staff of NonProfit PRO.
