Individuals and families working with Schwab Charitable granted more than $5 billion to philanthropic causes in fiscal year 2023, which ended June 30, representing an 8% increase from the prior fiscal year and underscoring the impressive growth of donor-advised funds.
According to a news release issued by the firm, giving from Schwab Charitable donor-advised funds has reached historic levels, despite turbulent markets and concerns about inflation and the global economy.
Donors surpassed 1 million individual grants for the first time in the organization's history, according to the release, with the proceeds going to more than 120,000 unique charities throughout the year.
The total dollar amount granted to charities rose by 8%, or nearly $350 million, compared to the prior fiscal year.
Sam Kang, president of Schwab Charitable, calls this level of giving "truly inspiring," noting that donor-advised funds have proven to be a resilient tool for donors, who were able to increase their support of nonprofit organizations despite economic volatility in the past year.
As ThinkAdvisor has previously reported, Giving USA's annual report on philanthropy shows total giving in the United States modestly declined in 2022, only the fourth time in four decades that donations did not increase on an annual basis.
