Donor-Advised Funds Expand Charitable Options
The world of charitable giving is evolving. For the second year in a row, Fidelity Charitable Gift Fund was ranked number one on the Chronicle of Philanthropy’s annual ranking of charities that raise the most money. The number three charity on the list was Goldman Sachs Philanthropy Fund. Slotted at number two is the United Way, which had held the top spot for decades. Who are these new upstarts shaking up the charitable world?
They are known as Donor-Advised Funds (DAF) and have caught fire only over the past decade, despite being around since 1931. In 2010, individuals contributed 4.4 percent of their total giving to DAFs, as opposed to direct gifts to specific charities. By 2016, the share of giving to DAFs had nearly doubled, rising to 8.3 percent of total giving by individuals, according to data compiled by one of the larger national DAFs, National Philanthropic Trust.
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