Fidelity Charitable donates $691M in first half of 2012
By Michael Souza PBN Staff Writer
BOSTON - Fidelity Charitable, an independent public charity with a donor-advised fund program, donated a record $691 million during the first half of 2012, the organization announced Wednesday.
Fidelity awarded nearly 180,000 grants to nonprofit organizations across the country during the first half of the year, a 14 percent increase over its charitable contributions during the first half of 2011.
The $691 million brings the total amount recommended by donors and granted by Fidelity Charitable to more than $13 billion since its 1991 inception.
Contributions to the organization were an all-time high at $824 million, up from $512 million in the first half of 2011.
“Achieving these results this early in the year shows that our donors are actively committed to their charitable contributions even in light of economic uncertainties and continue to recognize the benefits of donor-advised funds,” Sarah Libbey, president of Fidelity Charitable, said in a statement. “We are also seeing an increase in advisors assisting with charitable planning.”
During the fiscal year 2012, which ended on June 30, Fidelity Charitable reported strong donor activity, with donors recommending grants totaling nearly $1.4 billion to nonprofits nationwide, up 11 percent from last fiscal year.
Incoming contributions during the fiscal year ending June 30, 2012 were up 10 percent from fiscal year 2011, at $3.2 billion.