Despite experiencing the worst stock market returns since the 2008 financial crisis, philanthropists who gave through Schwab Charitable, increased their generosity during 2022, Schwab Charitable reported today.
Donors gave more than $4.7 billion in grants last year, a $300 million, or 7%, increase over calendar year 2021. The rate of increased growth slowed somewhat since it was calculated for fiscal year 2022, which ended June 30, 2022. At that time, the rate of increase was 27% when fiscal year 2021 was compared to fiscal year 2022, Schwab Charitable, a provider of donor advised funds and other charitable giving resources, reported in mid-2022.
A record 995,000 grants were made to 117,000 charities for calendar year 2022, with one in four grants going to charities the donors had not supported in the past, Schwab Charitable said.
“The impact of the volatile market has been felt across the board, and it has shown the beauty of a donor advised fund,” Fred Kaynor, managing director of relationship management, marketing and strategic partnerships at Schwab Charitable, said in an interview. “Philanthropists can put money into the fund when markets are good or when they have a significant financial event, and then it is available for grants when the need is greatest; and the need has been particularly great recently.”
“I’m so grateful to see how our donors continue to increase their giving, despite a tough year with economic uncertainty, natural disasters and global crises,” Sam Kang, president of Schwab Charitable, said in a statement. “Our donors combine consistent support for their favorite causes with a willingness to open their hearts and wallets to new charitable organizations as unforeseen needs arise.”