Fidelity Charitable sets $4.8B record in grants for 6 months
NEW YORK — Donations from Fidelity Charitable climbed 11% to a record $4.8 billion for the first half of 2022, the nation’s largest grantmaker announced Wednesday. “Individual donors are thoughtful when they contribute to their donor-advised funds, letting the growth of those funds impact their giving,” Fidelity Charitable President Jacob Pruitt told The Associated Press. “They can give more at the end of the day and not only are they giving more, but they’re giving to a variety of different causes.” Fidelity Charitable donors earmarked more than $128 million in grants to Ukraine aid efforts in the first half of 2022, Pruitt said. We should fix the design flaw.” Legislation requiring those who use donor-advised funds to finish giving away the money within 15 years in order to maintain their income tax deduction was introduced in the Senate last year by Republican Sen. Chuck Grassley of Iowa and Independent Sen. Angus King of Maine, who caucuses with the Democrats. Fidelity Charitable’s Pruitt said he supports legislation that encourages donors to actively make grants from their donor-advised funds, though he points out that most money in those accounts is already donated within five years.
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