Jacob Pruitt
Donor advised funds are investment funds through which donors make philanthropic grants—donors get an upfront tax deduction but can disburse the money when and how they please—and the sums that Fidelity Charitable takes in and pays out are staggering and growing fast. As of June 30, 2024, it held about $66.8 billion in assets and last year it made nearly 2.7 million grants totaling nearly $15 billion—surpassing the Gates Foundation's 2024 $8.6 billion giving budget. That $15 billion represented a 25% increase in grants over 2023, and included nearly $50 million in disaster relief for Hurricanes Milton and Helene, with the greatest number of grants going to religious and human services organizations and the largest dollar amounts donated to groups that focus on education and benefits to society.
Pruitt, a former Marine who became president of Fidelity Charitable in 2021, has made technology a keynote of his tenure. Almost all its donations last year were processed digitally, and he has welcomed donations in the form of cryptocurrency. Last year Fidelity Charitable took in $786 million in crypto from donors—which, Pruitt said in the fund's annual report, unlocks a new way of giving.
Of the fund's banner year, Pruitt said: 'With the incredible acceleration of giving in 2024, donors demonstrated unwavering commitment to the communities and nonprofits they care about, reminding us of the power of kindness and shared humanity.'
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