A strong stock market is pushing charitable contributions up, enabling Schwab Charitable to have another record-breaking year for grants in 2019, the organization announced.

The S&P 500 surged nearly 30% last year, and many donors took advantage of those gains to fulfill their charitable goals, giving appreciated stocks as well as cash, the charitable arm of Schwab said.

Sixty-nine percent of the contributions to Schwab Charitable were in the form of non-cash assets, such as publicly traded securities, restricted stock and privately held business interests. When givers contribute appreciated non-cash assets that have been held for a year or more to a donor-advised fund, it unlocks additional funds for charity by helping those givers avoid capital gains taxes and that makes more money available for contributions, Schwab said.

Total grants made through Schwab Charitable set another record last year, coming in at $2.7 billion, a 26% increase from 2018. It was nearly double the amount granted in 2016.

“Strong market performance in 2019 encouraged many donors to reach new heights of generosity by making tax-smart contributions of appreciated assets,” said Kim Laughton, president of Schwab Charitable, in a statement. “This year’s granting record reflects a diversity of giving styles, goals and strategies.”

Schwab Charitable said in a press release: “After two years under the new tax law, many donors now have a better understanding of how charitable giving can be effectively incorporated into their tax planning to address changes in their tax situation while achieving maximum impact with their philanthropy. Bunching or concentrating contributions [into one year] continues to be a popular option for many donors.”

The number of donors using a financial advisor to help plan their charitable giving is increasing. In 2019, the number of advisors using Schwab Charitable on behalf of their clients increased 12%, and more than two-thirds of the charity’s assets were associated with advised accounts, the annual report said.

The most widely supported sectors in 2019 were religion, human services and education. The top grant recipients were Feeding America, Planned Parenthood, Doctors Without Borders, Campus Crusade for Christ and the Salvation Army. More than $6 million in grants went to relief efforts for disasters such as the California wildfires and Hurricane Dorian.