Annual Giving Report shows Fidelity Charitable® impact has quadrupled in just 10 years
BOSTON–(BUSINESS WIRE)–Fidelity Charitable, an independent public charity and the nation’s largest grantmaker, distributed $11.8 billion in donor-recommended grants in 2023—more than four times the amount distributed 10 years ago, according to its 2024 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 exceed expectations, with donors connecting with the causes that are most meaningful to them,” said Fidelity Charitable President Jacob Pruitt. “Our mission is to keep growing this tradition as we help donors to amplify their impact. With more donors and companies turning to smarter, more flexible giving avenues like the donor-advised fund, we expect a continued rise in generosity and, in effect, a rise in impact across nonprofits.”
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, totaling $256 million.
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 2024 Giving Report highlights include:
Fidelity Charitable distributed over 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 investment growth has created $22.2 billion in additional funds for charitable causes since inception.
For more information, view the full report here.
About Fidelity Charitable
Fidelity Charitable is an independent public charity that has helped donors support more than 406,000 nonprofit organizations with $84.5 billion in grants. Established in 1991, Fidelity Charitable is rooted in innovation, from its launch of the first national donor-advised fund program to its facilitation of difficult-to-donate assets to its tech-forward giving platform. The mission of the organization is to grow the American tradition of philanthropy by providing programs that make charitable giving accessible, simple, and effective. For more information about Fidelity Charitable, visit https://www.fidelitycharitable.org.
Fidelity Charitable is the brand name for the Fidelity Investments® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Various Fidelity companies provide services to Fidelity Charitable. The Fidelity Charitable name and logo and Fidelity are registered service marks of FMR LLC, used by Fidelity Charitable under license.