Charityvest, a modern provider of tax-deductible charitable giving accounts known as donor-advised funds (DAFs), today announced the company’s 2022 Annual Report. Increases across the company made 2022 a record setting year for Charityvest in nearly every category as contributions grew to $48M, an increase of 93%.
“This past year was a significant milestone for Charityvest. We saw meaningful growth in both individual and corporate giving despite the economic uncertainty. Our donors did not slow down but rather displayed deep charitable commitment, increasing their charitable contributions and support for their favorite charities, over 5,000 unique organizations. They even championed causes unique to 2022 like humanitarian relief in Ukraine,” said Stephen Kump, CEO of Charityvest. “I’m thrilled at the progress we made, and I’m eager to make further strides to expand purposeful giving in 2023 with greater innovation.”
Community expansion
Charityvest’s growth makes it one of the largest (by number of accounts) and fastest-growing DAF sponsors. In 2022, more than 3,800 new accounts were added to the community, representing a 40%+ expansion. In addition, scores of companies have partnered with Charityvest to manage workplace giving programs, which also continued to grow in 2022.
Contributions: purposeful giving on the rise
Despite 2022 having one of the worst stock market performances in decades, over $48m was irrevocably committed to charity and contributed into donor accounts at Charityvest. This growth was driven by the increasing size of the community and further accelerated by a 76% increase in contributions per active donor in the year.
Increasing support to charities with a high payout rate
Charityvest also set a record in grantmaking. Its donors recommended tens of thousands of grants totaling more than $19m to charities, a 38% increase over the prior year. The scope of Charityvest’s grants also increased to 5,875 unique charities. The grantmaking performance of Charityvest donors puts them far above the DAF industry average in “payout rate.” Payout rate is a metric the DAF industry commonly considers to measure how quickly charitable assets are moving to charities via grantmaking. Charityvest’s payout rate in 2022 was 56%, more than two times the 2021 DAF industry average.
New products and investments lead to greater donor commitment
2022 saw the release of several new Charityvest products and services to increase capabilities and expand DAFs to new audiences. Principally, Charityvest launched low-fee ETF investments on its accounts in 2022, enabling it to be the lowest-fee full-featured DAF ever. It also launched supporting features such as in-app crypto donations, beneficiaries, and donations of complex assets and mutual funds.
With these new capabilities Charityvest continued expanding the audience of people who give to charity in purposeful ways, such as using tax-smart strategies like donating stock or mutual funds instead of cash.
In 2023, Charityvest intends to increase the capabilities of its donor-advised fund technology further by helping any community of donors pool charitable capital for any charitable cause and enabling charities to receive DAF disbursements electronically. Ultimately, by making DAFs free or low-fee, fun, and easy, Charityvest endeavors to make giving accounts as ubiquitous as retirement accounts.
About Charityvest
Charityvest is a modern donor-advised fund (DAF) leveraging technology to create a premier charitable giving experience for free or low fee. Charityvest’s intuitive design makes a traditionally complex financial product both simpler and more powerful, enabling tax-smart, purposeful philanthropy to be more attractive, efficient, and accessible to donors large and small. To date, Charityvest has facilitated over $80 million in total giving across thousands of donors. The organization is headquartered in Atlanta, GA, and partners with a venture-backed software company, Vennfi, Inc. to deliver its services. Vennfi is supported by venture capital investors such as Y Combinator, Teamworthy Ventures, and Sovereign’s Capital. For more information, or to start your personal giving account, please visit charityvest.org.
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