Schwab Charitable income hits $1.9 B

Schwab Charitable income hits $1.9 B

Schwab Charitable income hits $1.9 B Schwab Charitable’s recently released giving report revealed that the non-profit gained $1.92 billion in total contributions to more than 56,000 organizations in the past fiscal year.

The donor-advised fund’s grants have exceeded $1 billion for two straight years, as a survey of donors revealed 65% say they give more because they maintain a Schwab Charitable account.

Donor advised funds allows donors to make a contribution, receive an immediate tax benefit, and recommend grants from the fund to their preferred causes over time.

Total grants from Schwab accounts grew 12%, while recurring grants rose 50% year on year, the report further said.

The following charities got the top support, by approximate number of grants: Feeding America (3,400); Doctors without Borders (2,200); The Salvation Army (2,100); United Way (1,300); Habitat for Humanity (1,200).

More donors are likewise adopting technology to make contributions with 2,300 grants made from a mobile device and 82 % made online for this year.

Further, California and New York cornered more than a quarter of total grant recommendations, while most other states accounted for less than 5% of grant recommendations. Around 62% of grants and 57% of grant dollars were channelled to the donors’ home state.

Since it was initiated, Schwab Charitable has made 1.2 million grants valued at more than $6.6 billion.