Fidelity Charitable distributes record-setting $11.8 billion to nonprofits in 2023

By GLENN GAMBOA
AP Business Writer

NEW YORK (AP) — Fidelity Charitable, the nation’s largest grantmaker, distributed a record-setting $11.8 billion to nonprofits in 2023, up more than 5% at a time when donations are generally dropping. The grant total shows how quickly use of the donor-advised fund — an investment account that allows donations to be distributed over time — is growing. Fidelity Charitable said distributions to nonprofits in 2023 were four times what they were 10 years ago. Doctors Without Borders USA and St. Jude Children’s Research Hospital were the most popular charities again, as they were in 2022. Fidelity Charitable said nearly 80% of grants in 2023 went to nonprofits donors had previously supported.