Vanguard Charitable saw an enormous boost in giving in 2023, with donors granting more than $2.6 billion to more than 56,000 nonprofits, a nearly 40% increase from 2022.
The charity attributes the growth in generosity to the “strategic and flexible nature” of donor-advised funds, which allow donors to give both in the immediate and long term. The increase in generosity stands out during a general drop-off in giving, with charitable funding declining by more than 3%, according to Giving USA's 2023 report.
More than half of the total amount given was unrestricted, giving charities the freedom to direct the funds where they are most necessary.
Among the highlights announced by Vanguard: Donors granted more than $70 million to over 1,000 nonprofits to support disaster relief and more than $460 million to over 8,000 charities through Vanguard Charitable's electronic grant payments program, which sends funds to charity bank accounts within minutes rather than the typical days-long process.
The top causes for donors, according to the number of grants they were given: human services (60,000), religion (45,000), education (32,000), health (26,000), and environment and wildlife (17,000).