America's Biggest Charity Is No Longer What Most People Think of as a Charity

For the first time ever,  a donor-advised fund has topped the list of the United States' largest charities, signaling a shift in how wealthy people are donating that critics say could obstruct the flow of charitable money to those who need it most.

In an annual ranking of the nation's largest charities, Fidelity Charitable Gift Fund surpassed United Way Worldwide in private contributions given last year, as its private contributions surged nearly 20 percent over the past year, according to the Chronicle of Philanthropy.

Donor-advised funds, which act as a sort of middleman between the donor and the charity that ultimately receives the money, have rapidly gained in prominence in recent years. These funds, which often serve wealthier clientele, are legally considered charities, but some say they are more akin to a charitable savings account.