Schwab Charitable Donors Give Record $3.3B to Support Those in Need
Schwab Charitable reported a record fiscal year 2020, in which Schwab Charitable donors recommended nearly 700,000 grants, representing $3.3 billion granted to more than 100,000 charities. This is a 33% increase in dollars granted and 24% increase in number of grants compared to the 2019 fiscal year.
“Our donors’ unwavering support for charities year after year is remarkable, and this year I’m especially proud that they have met these extraordinary times with even more generosity to support those who need it most,” Kim Laughton, president of Schwab Charitable, said. “The last six months have been incredibly challenging, and I am truly inspired to see donors utilize their donor-advised funds to help communities and nonprofits impacted by health, economic and social crises.”
Support for Communities in Need Surges to 6-Month High
In response to the immense needs created by the COVID-19 pandemic, a resulting economic downturn and a period of deep social unrest, Schwab Charitable donors have been granting at a record pace to support impacted communities.
From January through June, donors recommended over $1.7 billion in 330,000 grants, marking a 46% increase in dollars granted and a 44% increase in the number of grants compared to the same period in 2019. This represents the fastest pace of growth in the second half of a fiscal year since Schwab Charitable’s first full fiscal year.
The increase in granting reflects Schwab Charitable’s success in responding to donor requests for relevant and timely information about how to maximize their charitable impact. Resources provided to donors this year include the following:
- Charities recommended by the Center for Disaster Philanthropy addressing all major areas impacted by COVID-19
- Additional resources for helping local communities, including tools from Giving Compass and the National Center for Family Philanthropy, to identify community foundation-sponsored COVID-19 funds for specific geographic locations
- Articles from leaders in the philanthropic sector to identify causes and charities supporting COVID-19 relief and equal access to justice initiatives
- Resources to help donors identify giving priorities and choose charities
- A podcast series created by Schwab Charitable and Stanford Social Innovation Review on increasing the efficiency and effectiveness of donors and the advisors who support them and helping nonprofits to create the impact they envision
“The need within our country and around the world is greater than ever, and with the disruption to the economy, philanthropy is more important than ever,” said Dave D., who manages his charitable giving through Schwab Charitable. “Basic needs have dramatically increased, so to help provide some relief, we are giving more to our local food bank, church food pantry and homeless shelters.”
From mid-February through the end of June, Schwab Charitable donors earmarked more than $145 million specifically for charities providing relief for communities impacted by COVID-19, and the charities recommended by the Center for Disaster Philanthropy for COVID-19 relief saw a 250% increase in dollars granted year over year. Throughout the fiscal year, most donors (76%) dedicated a portion of their giving to organizations within their own state.
Editor's Note: This press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO and its staff.