The summer doldrums have not hit charitable giving this year, as Covid-19 spurs philanthropy-minded people to up their giving, said Kristen Robinson, Fidelity Charitable’s chief operating officer.
Nonprofits usually experience a lull in donations during the summer time and then pick up again in the fall and during the end-of-year holidays, Robinson said during an interview with Financial Advisor magazine.
Both Fidelity Charitable and Schwab Charitable, two of the larger donor-advised funds, recently reported increases in giving this year with much of it going to community organizations, food programs and help for the homeless because of Covid-19.
Robinson said she anticipates the generosity will continue into future months instead of tapering off. Fidelity Charitable and Schwab Charitable reported that donations to Covid-related causes have not caused donors to decrease giving to organizations they have supported for years.
“The pandemic is the type of situation where donors step up. They react quickly when there is a problem and there is no sign of weariness setting in,” she said. Fidelity works with the Center for Disaster Philanthropy to help donors send money in an emergency to the causes they support. “People responded by donating to immediate medical needs and then to vulnerable populations.”
“The pandemic has changed nonprofits work,“ Robinson said. “Many organizations had to close their doors and they are coming up with creative ways to hold fund raisers.” One nonprofit held a virtual five kilometer race with participants reporting their race times. The virtual world also has taken over other fund-raising events that can be enjoyed online at a distance.
“We have been working with nonprofits to help them communicate with their donors and reach out to new ones,” she said. “We help the charities set up electronic fund transfers. This has been an evolution in organization for nonprofits, and much of which will carry over.”