Fidelity Charitable realized a record-breaking year in charitable giving for 2016 with $3.5 billion in grants made during the year, the donor-advised fund announced Wednesday.
The number of grants enabled the fund to reach its goal to celebrate its 25th anniversary in 2016 of giving away $25 billion in 25 years.
The grants made last year supported 110,000 charities with more than 750,000 grants, Fidelity says. The 2016 total surpassed the total grants of 2015 by 15 percent.
To illustrate the kind of difference philanthropists can make, Fidelity Charitable is highlighting the gifts of Dan and Jill Francis, who supported early education for 743 children through the Child Care Network in Ann Arbor, Mich.
The couple pledged $100,000 a year to the network for scholarships to support children whose families are homeless or suffering other crises. The money was used by the charity to expand its services in Southern Michigan, Fidelity says.
Grants increased last year because of strong financial markets, a renewed sense of urgency among donors to support the causes they care about following the presidential election, and support for disaster-related giving, including a desire to help those affected by the global refugee crisis, as well as natural disasters, says Fidelity.
During 2016, Fidelity Charitable made improvements to its donor-advised fund programs and platforms to make giving more efficient and effective, says Fidelity.