Salvation Army, Cru Among Top Charities Supported Through Schwab Charitable
Donors to Schwab Charitable recommended $3.7 billion through 830,000 grants to almost 100,000 organizations during 2020—an increase of 35 percent in dollars granted and 39 percent in the number of grants compared to 2019.
The San Francisco-based donor-advised fund (DAF) released its 2020 giving report this week. In a survey of donors conducted this month, 62 percent said they increased the amount they gave to charity in 2020 and 49 percent said they increased the frequency of grants compared to prior years. In its most recent Form 990, for the fiscal year ending June 2019, Schwab Charitable reported a total revenue of $4.55 billion, including contributions of $4.36 billion.
Schwab Charitable donors recommended grants to 13 percent more charities than 2019 and 74 percent of donors supported at least one new charity in addition to organizations they had supported in the past. Three out of five grants went to organizations within a donor’s own state while 62 percent of grants were not designated for a specific purpose.
The top charities supported by Schwab Charitable donors during 2020:
- Feeding America;
- Doctors Without Borders;
- Salvation Army;
- Planned Parenthood; and,
- Cru (Campus Crusade for Christ).
Family giving across generations was a central trend for 2020, according to Schwab Charitable. Throughout the year, each generation—Millennials, Generation X, Baby Boomers, and Greatest Generation—granted between 11 and 15 times supporting 6 to 10 charities on average.
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More than half of respondents (56 percent) in a recent survey of Schwab Charitable donors said that they are planning to increase the amount of money they grant to charity during the next 12 months. Another 44 percent said they plan to support a new charity this year, with the most interest in organizations that deliver vital human services, such as food, housing, and disaster recovery.
In 2020, approximately 60 percent of contributions to Schwab Charitable were in the form of non-cash assets, including publicly traded securities, restricted stock, and private business interests. Contributing appreciated non-cash assets held for more than one year directly to charities generally eliminates the capital gains tax that otherwise would have been incurred if the assets were sold first with proceeds then donated.
Three-quarters of DAF account assets at Schwab Charitable are associated with a professional investment advisor. Schwab Charitable estimates that since inception of the DAF in 1999, investment growth has generated an additional $5.8 billion.
In November, Schwab Charitable announced the addition of a new Socially Responsible Fixed Income Pool to the diverse suite of values-based investment pool options currently available to donors. Last year, Schwab Charitable removed minimums on initial and subsequent contributions.
This article first ran at The NonProfit Times. It is reprinted with permission.