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Fidelity Charitable Awarded Record $7.2 Billion in Grants in 2019

February 13, 2020 / Fidelity Charitable

Boston-based Fidelity Charitable has announced that its donor-advised funds awarded a record $7.28 billion in grants in 2019, an increase of 39 percent on a year-over-year basis and of more than 500 percent compared with 2010. According to the organization's 2020 Giving Report (32 pages, PDF), robust stock market returns contributed to the result, with donors recommending 1.5 million grants to 155,000 charities in 2019, up from 840,000 grants to 142,000 charities in 2018. The number of DAF accounts at Fidelity Charitable has more than doubled since 2009, to 138,019 in 2019, up 12 percent from 123,114 in 2018. The report also notes that while donors under the age of 40 make up only 8 percent of all account holders, millennials were responsible for 13 percent of new accounts opened in 2019, more than double their share in 2014; that the nonprofits receiving grants recommended by the largest number of millennial donors' accounts in 2019 were Planned Parenthood, the ACLU Foundation, the Wikimedia Foundation, Doctors Without Borders USA, and the Refugee and Immigrant Center for Education and Legal Services (RAICES); and that the nonprofits with the highest growth rates in support from millennials last year were the Environmental Defense Fund, ProPublica, the American Cancer Society, the Nature Conservancy, and the National Multiple Sclerosis Society.