Fidelity Charitable reveals record year in philanthropic giving

investmentnews.com:

Despite economic challenges from inflation and rising interest rates, donors on Fidelity Charitable came together to make 2023 the platform’s most impactful year yet.

In its 2024 Giving Report, Fidelity Charitable reported that its donors recommended a record $11.8 billion in grants, which represents a fourfold increase in its impact over the past decade.

The number of grants recommended have roughly kept pace, growing from 626,000 in 2014 to 2.3 million last year, according to the report.

“The American tradition of philanthropy continues to inspire and exceed expectations, with donors connecting with the causes that are most meaningful to them,” said Jacob Pruitt, president of Fidelity Charitable.

According to the report, the platform registered recommendations from more than 322,000 donors, including over 2.3 million individual grants to nearly 199,000 unique charities worldwide.

Corporate philanthropy got its moment in the spotlight, Fidelity said, with over 500 companies leveraging Fidelity Charitable’s corporate giving account to direct more than $250 million in philanthropic donations – at an average of 65 grants for each company – over the course of 2023.

Donations were largely given with an eye toward impact, as nearly two-thirds of donor recommendations in 2023 (63 percent) were strategically allocated “where needed most.”

The report also highlighted the growing trend of noncash asset donations, which accounted for 63 percent of all contributions last year. All told, these assets – including restricted stock, private equity, and limited partnership interests – amounted to $1.4 billion of impact in 2023.

Reflecting donors’ commitment to their favorite charities and causes, nearly 80 percent of grants in 2023 went