Between 2016 and 2018, nearly 1,500 private U.S. foundations filing taxes electronically made grants to the 45 largest commercial commercial donor-advised funds (DAFs) in at least one of those three years, a report from the Institute for Policy Studies finds. The report, Private Foundation Giving to Commercial Donor-Advised Funds (9 pages, PDF), found that foundation grants to those DAFs averaged $737 million a year and totaled more than $934 million in 2018. Grants to commercial DAFs accounted for 100 percent of all charitable distributions over the three-year period for 157 foundations and between 90 percent and 99 percent for another 152 foundations. Giving to DAFs between 2016 and 2018 averaged about $605,000 each, while gifts to other recipients averaged just under $119,000 each. According to the study, the top five recipients of 2016-18 private foundation grants were Fidelity Charitable Gift Fund ($757,343,066 total), National Philanthropic Trust ($329,347,858), Schwab Charitable Gift Fund ($261,701,437), National Christian Foundation ($161,705,294), and Vanguard Charitable Gift Fund ($151,990,905). The top five donors to DAFs were the Zoom Foundation ($151,295,000 total; 99.9 percent of grants), Wellspring Philanthropic Fund ($132,593,817; 31.5 percent), 136 Fund ($122,550,000; 99.9 percent),  Paul E. Singer Foundation ($119,950,000; 81.8 percent), and Sergey Brin Family Foundation ($84,436,669; 69.1 percent).