Vanguard Charitable has announced that its donors awarded a record $2.1 billion during fiscal year 2023, an 11 percent year-over-year increase.

Through their donor-advised funds (DAFs), Vanguard donors distributed more than 195,000 grants to over 53,000 nonprofits, with an average grant of $10,792, a 17 percent year-over-year increase. Recurring grants—18.9 percent of all individual grants—totaled $114 million (or 5.4 percent of giving through Vanguard), an 11 percent year-over-year increase. Since its inception in 1997, Vanguard Charitable has awarded more than $16 billion to nonprofit organizations.

“The incredible increase in granting this fiscal year exemplifies how our donors consistently leverage their DAFs to maximize and extend their charitable impact—even in the face of economic uncertainty and headwinds in national levels of giving,” said Vanguard Charitable president Rebecca Moffett. “This again demonstrates the power of a DAF and how funds already earmarked for charity remain available and ready to be deployed to nonprofits in need both immediately and over the long term.”

(Photo credit: Getty Images/Michael Burrell)