Fidelity Charitable grants more than $900 million in first half of 2013

BOSTON, July 17, 2013 — Outgoing grants and incoming contributions for Fidelity Charitable, an independent public charity with a donor-advised fund program, rose in the first half of 2013, reaching all-time highs for both measures of donor activity. Fidelity Charitable also announced today that Thomas C. Stewart has been elected to the charity's board of trustees.

In the first half of 2013, donors recommended more than 214,000 grants totaling $919 million, a 33 percent increase in dollars granted over the same period last year, and contributed $879 million for their charitable accounts, a seven percent increase. Additionally, the 1,640 new charitable accounts established represent a 43 percent increase over the first half of 2012.

“Donors are taking a strategic approach to charitable giving by leveraging their most tax advantaged assets — like stocks, mutual funds and other long-term appreciated assets — in a way that enables them to give more to the causes they care about,” said Sarah Libbey, president of Fidelity Charitable. “In addition, more donors are finding donor-advised funds the best option to support their giving.”

Number of $1 Million-or-Larger Grants Spikes 50 Percent

In the first half of 2013, grants made to nonprofit organizations of $1 million or more were up 50 percent over the same period the previous year. The uptick in the number of large outgoing grants helped boost the average grants size for the first half to $4,285, a 10 percent increase.

In terms of how donors funded accounts, 43 percent of contributions came in the form of securities and the rest came in the form of cash. Non-publicly traded assets, such as private stock, accounted for five percent of contributions.

Advisors continued to play a significant role in planned giving as their relationships with donors influenced the majority of contributions and new accounts. More than 70 percent of contributions made and more than 60 percent of new charitable accounts established in the first half can be attributed to an advisor referral.

Thomas C. Stewart Elected to Board of Trustees

Stewart is a managing principal at Andrew, Thomas & Company, a corporate advisory and institutional investment firm, with expertise in corporate and board governance as well as investment management. His philanthropic interests include veterans' services, human services, and education.

“Tom's an active philanthropist whose extensive business background and military experience give him a deep expertise in board governance,” said Scott Bergeson, chairman of the board for Fidelity Charitable. “He will be a valuable addition to the board of trustees as we continue to advance our mission of making charitable giving simple and effective.”

“The strong tradition of caring for our neighbors through philanthropy is a defining aspect of our country and personally important to me,” said Stewart. “I look forward to supporting Fidelity Charitable's work to further the American tradition of philanthropy by offering tools and services that enable donors to become sustained givers and give more to the causes they care about.”

Prior to joining Andrew, Thomas & Company, Stewart was an executive director for fixed income and mergers and acquisitions at Morgan Stanley. He also served as a naval officer during which time he commanded an attack squadron and served as a naval attaché.

Stewart received an M.B.A. from the University of California Los Angeles' Anderson School of Management, a bachelor's from the University of Oregon, and studied at the University of Gothenburg in Sweden. Stewart resides in Eugene, Ore. and is married with four children.

About Fidelity Charitable

Fidelity Charitable is an independent public charity that has helped donors support more than 160,000 nonprofit organizations with over $14 billion in grants. Established in 1991, Fidelity Charitable launched the first national donor-advised fund program. The mission of the organization is to further the American tradition of philanthropy by providing programs that make charitable giving simple and effective.

Fidelity Charitable is the brand name for the Fidelity® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Various Fidelity companies provide services to Fidelity Charitable. The Fidelity Charitable name and logo and Fidelity are registered service marks of FMR LLC, used by Fidelity Charitable under license. Giving Account® is a registered service mark of the Trustees of Fidelity Charitable.

Information provided is general and educational in nature, and should not be construed as legal or tax advice. Fidelity Charitable does not provide legal or tax advice. Content provided relates to taxation at the federal level only, and availability of certain federal income tax deductions may depend on whether you itemize deductions. Rules and regulations regarding tax deductions for charitable giving vary at the state level, and laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy or completeness of the information provided. Charitable contributions of capital gain property held for more than one year are usually deductible at fair market value. Deductions for capital gain property held for one year or less are usually limited to cost basis. Consult an attorney or tax advisor regarding your specific legal or tax situation.