Schwab Charitable, the San Francisco-based provider of donor-advised funds (DAFs), has announced that it has facilitated grants totaling more than $5 billion to charities in fiscal year 2023—an 8 percent year-over-year increase.

In all, Schwab Charitable account holders supported more than 120,000 charities across all 50 states, including $108 million to organizations recommended by the Center for Disaster Philanthropy. While total giving in the United States declined in 2022, according to Giving USA’s annual report, Schwab Charitable donors were able to increase giving in calendar year 2022 and fiscal year 2023.

“I’m truly inspired by the generosity of our donors over the last 12 months and proud to share how they put their charitable dollars to work in record-breaking amounts this year,” said Schwab Charitable president Sam Kang. “Donor-advised funds have proven to be a resilient tool for donors, who were able to increase their support of nonprofit organizations despite economic volatility in the last year.”

(Photo credit: Getty Images/tdub303)