Fidelity Charitable sets $4.8B record in grants for 6 months

By GLENN GAMBOA
AP Business Writer

NEW YORK (AP) — Donations from Fidelity Charitable climbed 11% to a record $4.8 billion for the first half of 2022. The nation’s largest grantmaker says the growth in payouts from its donor-advised funds paints a far sunnier picture about philanthropy than other recent reports. Donor-advised funds let donors enjoy tax deductions and investment gains on their donations before they give the money away. Last month, the Giving USA report released found 2021 donations were down 0.7% when adjusted for inflation. That was a sign that the sector is generally struggling to keep pace with increased needs caused by higher prices and global crises like the pandemic and the war in Ukraine.