Total grant dollars awarded through donor-advised funds (DAFs) has more than doubled in the past five years, a study from the National Philanthropic Trust (NPT) finds.

NPT’s annual Donor-Advised Fund Report found that in 2022, the value of grants from DAFs to charities around the world totaled $52.16 billion—an increase of 9 percent year-over-year and 119 percent since 2018. Contributions to DAFs also grew 9 percent to $85.53 billion, and the number of DAF accounts rose 2.9 percent to 1.95 million.

The total value of DAF assets stood at $228.89 billion in 2022, up 85 percent since 2018, despite falling 1.1 percent due to market volatility. The aggregate grantmaking payout rate declined to 22.5 percent from the record 27.3 percent set in 2021, but remained well above the typical 5 percent annual payout of private foundations. Moreover, the report found that while DAF assets in 2022 amounted to just 20 percent of those held by private foundations, the total value of DAF grants was equivalent to 52.3 percent of those from private foundations.

“There are more ways to give—and more nonprofit organizations to give to—than ever before,” said NPT chief executive Eileen Heisman. “When total charitable giving in the U.S. declined in 2022 and returned to pre-pandemic levels, DAF donors actually accelerated their DAF giving [recommending] more grant dollars than their previous ‘high-water mark’ in 2021.”

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