Fidelity Charitable Gift Fund reports strong first half
The Fidelity Charitable Gift Fund, the donor-advised fund program established by the Boston mutual funds company Fidelity Investments, said that its donors made grants totaling $531 million to nonprofits nationwide during the first six months of 2010, up 16 percent.
Two factors helped the gift fund post the strongest first half for grants in its 19-year history, Fidelity said. One factor was a rebound in the stock market, and the other was a response to the January earthquake in Haiti.
In a press release, the gift fund said that charitable contributions to the fund for the first half of 2010 were $457 million, up 67 percent from the the first half of 2009.
In a statement, Gift Fund president Sarah C. Libbey said: "Our donors continue to give at record levels, reflecting their ongoing commitment to supporting the causes important to them as well as to responding to unforeseen charitable needs, such as the crisis in Haiti. It's heartening that more donors are recognizing that having donor-advised funds, such as those at the Gift Fund, provides a ready reserve so that they can strategically plan, contribute and grant, based on their personal philanthropic mission."