DAFgiving360 Donors Give More Than $6.6B to Charities in Fiscal Year 2024
DAFgiving360, formerly Schwab Charitable, a national provider of donor-advised funds (DAFs) and other philanthropic resources, reports that its donors increased their giving in fiscal year 2024 (ended June 30, 2024) by 31%, recommending more than $6.6 billion in grants to charity. There were more than 1.1 million individual grants supporting 141,000 charities throughout the year. The total dollar amount granted to charities represents over $1.5 billion more than the prior fiscal year.
“Our donors are continuing to give to charity at unprecedented levels, reflecting an exceptional commitment to supporting a diversity of needs throughout the world. We are immensely grateful for their inspiring generosity as we celebrate the 25th anniversary of our organization,” said Sam Kang, President of DAFgiving360. “The growth in granting we see year over year demonstrates that DAFs can be an effective and efficient solution to help donors increase their commitment to philanthropy and make a lasting impact on the causes that are important to them.”
Last month, Schwab Charitable unveiled its new legal name and brand in concert with its 25th anniversary. The new brand reinforces the organization’s commitment to its mission of increasing charitable giving in the United States and is intended to further engage donors, advisors, charities, and the entire philanthropic community. Additionally, DAFgiving360 is committed to making donor-advised funds synonymous with giving and continuing to provide a holistic giving solution.
25 years of generosity
Since the organization’s inception in 1999, DAFgiving360 donors have recommended over $35 billion to charity through 7 million grants. These donations have supported over 255,000 charities to date.
A DAF account is a simple, tax-smart investment solution for charitable giving. With a DAFgiving360 account, donors can contribute cash, securities, or appreciated assets. Contributing appreciated non-cash assets that have been held more than one year to a donor-advised fund can increase the amount available for charities by as much as 20% by potentially eliminating a donor’s capital gains tax liability on the assets. In fiscal year 2024, about 63% of donor contributions were non-cash assets.
“We started a DAF with Schwab Charitable nearly 15 years ago and have been extremely happy with the results on multiple levels: ease of selecting and managing dozens of contributions each year, minimization of paperwork and record-keeping, direct transfers of highly appreciated shares from our Schwab brokerage account,” said Charles R., a DAFgiving360 donor.
Educational resources and tools empower philanthropy ecosystem
By offering a simple, efficient, and tax-smart giving solution and continuing to invest in innovative technology and giving resources, DAFgiving360 encourages sustained charitable giving. With their donor-advised fund account at their fingertips, DAFgiving360 donors recommended grants 13 times on average throughout the fiscal year, and 35% of grants were set up as automated recurring gifts to charities.
As awareness and use of DAFs grow, financial advisors continue to leverage this efficient tool as a valuable resource to help donors navigate their charitable giving. DAFgiving360’s consultative approach and comprehensive offering empower advisors to help clients incorporate charitable giving into their wealth management and legacy planning to help maximize their charitable impact. DAFgiving360 works with nearly 4,000 advisors, a 15% increase in advisor relationships compared to the previous year. Eighty percent of DAFgiving360’s donor account assets were associated with a professional investment advisor in fiscal year 2024.
In conjunction with offering consultative support, DAFgiving360 provides a host of tools and educational resources to help advisors, donors, and charities embrace the most tax-smart, efficient approach to their philanthropy. Resources offered in fiscal year 2024 include thought leadership articles, tutorials, calculators, charitable planning resources, an Advisor Resource Center, and stories of impact that feature advisors and their clients.
“I opened a Schwab Charitable account after a recommendation by my financial advisors and I couldn't be happier,” said Kris N., a DAFgiving360 donor. “Schwab [Charitable] makes it easy to direct grants and gifts, and if I could change one thing, I would have opened an account earlier. While the tax advantages are great, the feelings I get from gifting to worthy causes are priceless.”
DAFgiving360 donors sustain support locally and globally
In its fiscal year 2024, DAFgiving360 donors granted to charitable organizations in all 50 states, and 87% of donors recommended grants in their own state, providing 652,000 grants to local causes and organizations. The top five metropolitan areas by number of grants were San Francisco, San Jose, Seattle, New York, and Atlanta.
Seventy-two percent of grants in the fiscal year did not specify a purpose, so organizations could use the grants where needed most. Additionally, during the 12-month period, 79% of donors recommended grants to charities they previously supported, and 70% of donors recommended grants to new charities they have not previously supported.
DAFgiving360 is also proud to continue its partnership with The Center for Disaster Philanthropy (CDP) to provide its donors with access to vetted charities supporting both natural and humanitarian disasters as they occur. In fiscal year 2024, donors recommended grants totaling over $170 million to organizations recommended by the CDP that provided critical relief and recovery support for victims of these tragic events.
“Our DAF solution is an efficient, simple, and tax-smart giving tool that has been helping donors recommend billions of dollars in grants each year to causes and communities that rely on their support,” said Fred Kaynor, Managing Director of Relationship Management, Marketing and Strategic Partnerships at DAFgiving360.
“When you look at all the grants our donors recommended in the last fiscal year, it averages out to more than $18 million donated to charity each day, or about three-quarters of a million dollars donated every hour. Because assets are already contributed to donors’ accounts, and because of our efficient DAF interface, it takes just a few clicks to get dollars out to charity when it's needed most,” added Kaynor.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of the staff of NonProfit PRO.
