Overall giving to charities has increased each year, and Schwab Charitable’s donors are no exception.
Donors who give to charity through Schwab Charitable, a national provider of donor-advised funds and other philanthropic services, gave away 20 percent more in money and assets in the fiscal year ended June 30 than they did the previous fiscal year, the fund announced Wednesday.
Donors recommended nearly $2 billion in grants in fiscal 2018. The total amount given by Schwab Charitable donors since its inception almost 20 years ago has reached nearly $10 billion, with the funds going to more than 130,000 charities, the fund said.
“Strong market performance, disaster relief and uncertainty about tax reform drove giving in the second half of 2017,” said Kim Laughton, president of Schwab Charitable.
In fiscal 2018, the number of grants increased 36 percent to 420,000, which went to 78,000 charities. The most widely supported charities were Feeding America, the Red Cross, Planned Parenthood, the Salvation Army and Doctors Without Borders.
Because of the increased income tax standard deduction that went into effect this year, donors may concentrate their charitable contributions in one year, which enables them to take a deduction higher than the standard $12,000 deduction. Donor-advised funds allow philanthropists to put large contributions into the fund one year and distribute the money and assets over a period of years, Schwab Charitable said.