Fidelity Charitable hit $11.2 billion in grants in 2022
Donors contributed despite economic uncertainty in the United States.
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Fidelity Charitable, an independent public charity and the nation's largest donor, recently released its 2023 Giving Report, highlighting that its donors raised approximately $11.2 billion in 2022 — $1 billion more than they did in the year prior.
Despite signs of trouble in the U.S. economy — marked by spikes in inflation, rising interest rates, market swings, and mass layoffs — donors contributed to an average of 11.8 grants per account, which represents an increase of about $391 compared to the previous period.
Jacob Pruitt, Fidelity Charitable President , stated:
Despite volatile market conditions and economic unknowns, Fidelity Charitable donors stepped forward to bolster the critical work of nonprofits in our communities, recommending almost $1 billion more to charities than in the prior year.
This 9% increase in the level of giving over 2021 signals an increase in philanthropic support over a 12-month period that saw the S&P 500 experience a 19% decline.
“The upward trend demonstrates how donor-advised funds make it possible for donors to maintain giving over time—even in moments of crisis or during market downturns when nonprofits are particularly vulnerable and need steady streams of revenue that they can count on,” added Pruitt.
The 2023 Giving Report is here – and we’re thrilled to report our donors used their “ready reserve” of funds to provide unwavering support for charities despite a 19% slide in the S&P 500. See their impact: https://t.co/2xr8rt5iVl pic.twitter.com/e0pRg2q6gH— Fidelity Charitable® (@FidelityChrtbl) February 21, 2023
Among the most important points of the report, which highlights the record results, the following stand out:
- In total, donors awarded a record 2.2 million individual grants to 189,000 charities operating locally, nationally and internationally.
- Fidelity Charitable distributed nearly $1 billion more in donor-recommended grants to charities in 2022 than in the previous year.
- Donors recommended an average of 11.8 grants per account, and the median grant size was $4,798.
- Grant dollars distributed by Fidelity Charitable to nonprofit organizations have seen a more than five-fold increase in the last 10 years.
- Demonstrating donors' commitment to providing a reliable and consistent stream of income to their favorite charities, 77% of grants in 2022 went to previously supported nonprofits.
- While the majority of charitable contributions in the United States are made by cash, check or credit card, 57% of Fidelity's charitable contributions in 2022 were made in the form of more strategic non-cash assets, allowing donors to give more.
- In 2022, donors contributed $1.4 billion in unlisted assets such as restricted stock, private equity, and limited partnership interests.
Fidelity Charitable experts help donors identify the smartest assets to contribute and quickly turn these hard-to-donate assets into cash available for giving. Three-quarters of donor contribution dollars are awarded within five years of receipt.
“We heard from our donors through the year that they were concerned about the impact of inflation and the economy. What we saw through their record granting activity and support for 189,000 nonprofits in communities across the nation is that they were able to put that concern into action, not only sustaining their giving but increasing it,” said Pruitt.