Fidelity Charitable announced that its donors authorized $11.8 billion in grants last year, setting a  record for the charitable fund organization.

The grant total was more than $500 million above the 2022 total and four times the amount granted 10 years ago, the annual report said. Fidelity Charitable is an independent public charity that sponsors donor-advised funds and is the nation’s largest grantmaker.

"The American tradition of philanthropy continues to inspire and exceed expectations, with donors connecting with the causes that are most meaningful to them,” Fidelity Charitable President Jacob Pruitt said in a statement. “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 more than 2.3 million individual grants to nearly 199,000 charities worldwide, “providing vital support in a year of economic uncertainty,” the report said.

More than 500 corporate donors recommended an average of 65 grants in 2023 from their accounts, totaling $256 million.

Sixty-three percent of the grant recommendations were given without restrictions, which allows the charity to use the money wherever it is most needed. The same percentage of grants were made from non-cash assets, including $1.4 billion in non-publicly traded assets, such as restricted stock, private equity, and limited partnership interests.

Fidelity Charitable reported the average grant size was $4,600, and the median account balance was $21,000. Nearly 80% of grants went to nonprofits previously supported by donors, Fidelity Charitable said.