The pandemic, along with other factors, continues to push philanthropists to give more each year, according to Vanguard Charitable, which released its fiscal year 2021 report today.
The 12 months ending June 30 was the third consecutive record-setting year for charitable giving through Vanguard Charitable, which is a nonprofit organization and sponsor of donor-advised funds.
During the year, donors granted a total of $1.7 billion to more than 50,000 unique charities, marking a 9% increase in giving over fiscal year 2020, Vanguard Charitable reported.
“Fueled by responses to racial injustice and inequality, pandemic and natural disaster relief and recovery, and giving in support of nonprofits impacted by a contracting economy,” donors continued to show their generosity, said Vanguard Charitable, which has given out more than $12 billion in granting since its creation in 1997.
Nonprofit organizations in the human services sector, including grants to organizations that combat homelessness, received 43,000 grants from Vanguard Charitable donors. That was the largest grantmaking sector, and it was prompted by the pandemic and recovery efforts, Vanguard said.
Other top areas that received grants were religious organizations with nearly 33,000 grants, education with nearly 25,000 grants, and health with nearly 22,000 grants.
Eighty-five percent of the fiscal year contributions came from non-cash assets including securities, mutual funds and other complex or illiquid assets.
“During an unprecedented year of need, Vanguard Charitable sought to aid donors in their giving by recently establishing the Nonprofit Aid Visualization (NAVi) tool to help donors connect with nonprofits in their local communities and those in areas hardest hit by the pandemic,” Vanguard said.