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November 1, 2009, 08:34 PM ET
Big Fund Sees Hopeful Signs for Year-End Giving
As the Fidelity Charitable Gift Fund — which raises more money than all but two other charities in the United States — enters the year-end giving season, its leaders say they see some promising fund-raising and giving trends despite the bleak economy.
In the quarter ending September 30, contributions to the organization’s donor-advised funds totaled $397-million. While that’s 27 percent less than the organization received in the same quarter of 2008, contributions have improved somewhat since Fidelity reported a 40-percent decrease earlier this year.
Donor-advised funds work like charity checking accounts — donors put money in to the funds and then earmark it whenever they want for the causes they care about.
In a hopeful sign for struggling charities, Fidelity says more of its donors are using their accounts to make unrestricted contributions to charities to use “where needed most.” That type of gift accounted for 43 percent of grants made from Fidelity donor-advised accounts as of September 30, up from 37 percent in 2008.
In total, grants made from donors’ Fidelity accounts amounted to more than $658-million as of September 30, a 12-percent decline from the same time last year. But Fidelity officials said that, by year’s end, they expect the outgoing grants “to be close to $1-billion,” comparable to what they were in both 2007 and 2008.
Fidelity ranked No. 3 in the new edition of the Philanthropy 400, The Chronicle’s ranking of the charities that raise the most from private sources. It was preceded by United Way Worldwide and the Salvation Army.
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