Fidelity Charitable donors gave $10.3 billion in another record year
Fidelity Charitable, the public charitable arm of Fidelity Investments and the nation’s largest funder, announced a record year for charitable giving.
People with Fidelity Charitable donor-referred accounts authorized $10.3 billion in grants last year, up 41% from pre-pandemic levels in 2019. This figure is also higher than the amount given in 2020, when the COVID-19 pandemic triggered a flurry of philanthropic activity. .
Jacob Pruitt, president of Fidelity Charitable since October, said in a statement that “it would have been easy” for donors to limit their donations last year, once “the immediate needs related to the pandemic had subsided”. However, based on data that shows grant levels are up another 13% from 2020, he said he believes people will continue to give record amounts.
“This increase in generosity is a lasting trend,” he said.
Boston-based Fidelity Charitable awarded 2.2 million grants last year, supporting some 187,000 charities.
Although the overall amount of grants authorized in 2021 was higher than the previous year, the size and frequency of grants decreased slightly. Last year, people recommended an average of 12.4 grants per account, with the average amount around $4,400. In 2020, people recommended 12.8 grants on average, with an average amount around $4,600.
The median Fidelity Charitable account balance is around $24,100.
With a donor-oriented account, people can hold cash, stocks, real estate, and other assets in a fund that can grow tax-free over time. Donors choose when they want to give money to a charity — Fidelity calls it “recommend grants” — and they can direct funds to most established nonprofits. The minimum grant amount is $50.
Although only a small portion of total donations, Fidelity said cryptocurrency contributions increased 12-fold. Donors added $331 million in digital assets to their accounts last year, mostly Bitcoin, compared to $28 million paid out in 2020.