The number of new accounts at Schwab Charitable rose 91 percent from July to December last year, over the same period in 2016, the philanthropic-services provider announced Tuesday.
The markets’ feverish performance during that period, along with changes in the tax code, helped drive giving: More than 70 percent of contributions into Schwab donor-advised funds came from noncash assets such as securities, restricted stock, and real estate.
Donor-advised funds are accounts into which people can contribute assets, take an immediate charitable tax deduction, and later decide which organizations will receive grants.
Schwab donors made $1.6 billion in grants to 71,000 charities last year, up from $1.5 billion for 61,000 charities in 2016.
The number of grants, 368,000, was up 35 percent from 2016.
The bulk of the grant making occurred from July to December, when Schwab donors gave $900 million through 230,000 grants.
Said Kim Laughton, Schwab Charitable’s president, in a statement: “A combination of factors created a one-of-a-kind giving environment last year.”
