Philanthropists are increasing their charitable donations despite growing volatility and high levels of inflation, according to Schwab Charitable.

In fiscal year 2022, Schwab Charitable donors made an average of 13 grants each, which supported 117,000 organizations, which is 11% more than during the previous fiscal year, Schwab Charitable announced today. A total of $4.7 billion, an increase of 27% over fiscal year 2021, was given through Schwab Charitable during the fiscal year that ended June 30.

Donors gave 993,000 grants, which was also a record number and a 24% increase over the last fiscal year.

The crisis in Ukraine was a leading target for increased donations, rather than redirected giving, according to Schwab Charitable.

To date, Schwab Charitable donors have recommended $7.7 million in grants to support organizations mobilizing relief in Afghanistan, and more than $50 million in grants to support those impacted by the war in Ukraine. While supporting these and other crises, Schwab Charitable donors also recommended more than 50,000 grants totaling more than $200 million to date to charities that are combating the Covid-19 pandemic, the report said.

Additionally, Schwab Charitable donors have increased the proportion of grants not designated for a specific purpose. The unrestricted grants have reached 72% of the total, “affording even more nonprofits greater flexibility to put donations toward immediate needs,” the report said.

“Advisors play a critical role in their client’s philanthropy, and donors increasingly look to them for guidance on how to put their charitable dollars to work,” Schwab Charitable said.

The organization said, “One important consideration in charitable planning is evaluating which assets to give.” In fiscal year 2022, 61% of contributions were in the form of non-cash assets, including publicly traded securities, restricted stock and private business interests. Donating appreciated non-cash assets to charity allows donors to potentially eliminate capital gains tax they would otherwise incur if they sold the assets first and donated the proceeds, potentially increasing the amount available for charity by up to 20%, the charitable organization said.

“Advisors are uniquely positioned to help donors give more efficiently through tax-smart contributions and strategies to maximize their impact on those in need," Fred Kaynor, managing director of business development, marketing and strategic partnerships at Schwab Charitable, said in a statement.

During the past fiscal year, Schwab Charitable developed and expanded strategic partnerships with other nonprofits and philanthropic organizations to provide donors with additional educational tools and resources to assist with the planning and implementation of strategic, tax-smart philanthropy, such as educational podcasts and webinars. Schwab Charitable also enhanced its dedicated digital resources for charities by launching a Fundraising Toolkit for nonprofits at the end of 2021 that offers recommendations for raising funds and growing a donor base with donor-advised fund account holders.