Vanguard Charitable saw a 31 percent increase in the number of new accounts opened through its philanthropy arm last year compared to 2015, Vanguard Charitable announced Thursday.
New accounts opened in 2016 totaled 1,700 compared to 1,300 the previous year.
Nearly 30,000 charities in the United States and internationally received funding in 2016 through grants totaling $686 million. More than 7,400 of those charities were first-time grant recipients.
More donors opened accounts and designated grants because of the positive market conditions and uncertainty around the election results and tax reform, Vanguard Charitable said.
Vanguard Charitable, founded in 1997, is celebrating 20 years of serving donors and charities and has distributed more than $6 billion in grants over that period. The number of grants increased by 13 percent last year for total of 78,000. Nearly 60 percent of contributions in 2016 came from non-cash assets, such as highly appreciated assets that would otherwise be subject to capital gains if sold.
Human services causes, religious organizations and education received the most grants.