Human-Service Charities and Education Groups Get Biggest Haul From Fidelity DAF Holders

Human-service charities were the biggest beneficiaries of giving from Fidelity Charitable donor-advised funds in 2018, the organization reported in a study released Tuesday.

Fidelity manages approximately 123,000 accounts and is the nation’s largest grant maker. According to Fidelity’s tax records from 2018, its accounts had assets worth $29.9 billion, and it had made about $4.8 billion in grants that fiscal year. Fidelity seems to be on a pace to easily exceed that 2018 rate. In late July, Fidelity announced it had contributed more than $4 billion since the start of the year. Fifty-six percent of its account holders nationwide donated to food banks, homeless shelters, and similar groups. The city with the greatest share of Fidelity accounts that contributed to social-services group was Cleveland.

“People are giving locally based on local issues they come in contact with on a day-to-day basis,” said Amy Pirozzolo, head of donor engagement at Fidelity Charitable.

Education and Religion

Education came in second, with 54 percent of giving to that cause, led by donors in the Bridgeport, Conn. area. Fifty-two percent of Fidelity accounts gave to religious nonprofits, led by donors in St. Louis.

The findings were part of a study Fidelity conducted to figure out which causes fared best in each of 30 metropolitan areas that had at least 700 donor-advised-fund holders at Fidelity.

The report did not disclose the total amount given to each cause, nor did it reveal which charities received the funds.

But it did provide regional breakdowns and city rankings. According to Fidelity, support for education was strongest in the Northeast. Religious organizations had the most support in the South and Midwest, while support for environmental groups was notably more prominent in western cities.

Other Causes

Among the other key findings:

• 43 percent of Fidelity Charitable accounts donated to health-focused nonprofits, with Boston leading the pack.
• 38 percent gave to advocacy groups, United Ways, and other so-called public and society benefit charities, led by donors in Miami-Fort Lauderdale.
• 31 percent gave to arts and culture nonprofits in 2018, led by donors in the Portland area.
• 28 percent contributed to international-affairs nonprofits, led by donors in the Washington, D.C., area.
• 25 percent gave to environmental and animal-welfare groups. Donors in the Boston area contributed the most.