Daffy.org, the modern platform for charitable giving, today announced the charity’s 2023 Year in Review, highlighting that despite inflation and rising costs, 2023 was a record-setting year for Daffy and its fast-growing community as contributions grew to more than $100 million, an increase of 425%, in 2023 alone.
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Daffy 2023 Year in Review Infographic (Graphic: Business Wire)
Daffy, which only launched its modern donor-advised fund platform in late September 2021, now manages over $130 million in assets, backed by a community of more than 4,600 activated members.
Unlike incumbent providers who exclusively target high net-worth donors, Daffy believes donor-advised funds (DAFs), tax-advantaged accounts for the sole purpose of charitable giving, should be accessible to everyone. Daffy believes that if the 60 million households who give to charity every year proactively set money aside for charity into a DAF, similar to a 401(k) for retirement savings, Americans could give more.
Daffy’s first two years of data support this as they not only saw an overall increase in donations out to charity, totaling over $9.8 million, but also saw a 25% year over year increase in the amount donated per member.
“Daffy was founded with a simple mission: to help people be more generous, more often. For too long, the donor-advised fund hasn’t been accessible to the millions of Americans who give due to high minimums and fees, but as we’ve seen through retirement savings accounts, the act of setting a little aside can be powerful, and we’re seeing the same behavior with Daffy members who are giving more each year they are on the platform,” said Adam Nash, Co-founder and CEO of Daffy. “2023 was a significant year for Daffy as we surpassed our expectations and have proved that by expanding access to DAFs and by building unique features such as campaigns, we can help people give more.”
Community Growth
In 2023, Daffy‘s community grew to a total of more than 4,600 activated members, a 119% increase over the prior year. Daffy’s growth makes it one of the fastest-growing DAF providers. Members are flocking to Daffy because of its unique business model of a flat, monthly membership due instead of a percentage of assets under management. In addition, companies like Acorns, OpenAI, and Titan have started to leverage their workplace giving program, Daffy for Work, which has promising growth potential in 2024 and beyond.
Member highlights:
- Account Sizes: Range is from $10 (minimum) to over $10 million
- Average Age of a Daffy Member: 41 (vs. the average age of 65 for a donor in the U.S.1)
- Age of Youngest Daffy Family Member: 13
- Age of Oldest Daffy Family Member: 76
- Daffy Members with a balance under $1,000: 65%
- Daffy Members with a balance over $250,000: 2%
- Median Stock Contribution at Daffy: $7,299
- Largest Stock Contribution at Daffy: $12 million
- Median Crypto Contribution: $1,004
- Largest Crypto Contribution: $5 million
New Innovations Driving Growth
Since their launch in 2021, Daffy has released several innovative and first-of-its-kind products to help individuals, families, companies, and advisors with charitable giving.
- Daffy for Families. An industry-first, multi-generational giving feature that allows members to invite family to join them in their charitable giving. Many talk about the importance of generational giving and teaching your kids to give, but no other DAF provider offers a built-in feature. Once invited, family members can request donations, create their own profiles, and follow charities they care about.
- Daffy APIs. With Daffy APIs, any developer can design giving into their applications.
- Daffy for Advisors. Financial advisors help people with all of their financial goals, and that should include philanthropy. Daffy offers modern technology and low fees, as well as the tools for advisors to help manage and administer their clients’ donor-advised funds.
- Daffy for Work. An innovative workplace-giving solution that allows employers to empower employees to give back by providing a charitable giving account and offering a match or charitable gift.
- Daffy Campaigns. A unique feature that allows members to create fundraisers and even matching campaigns for the charities and causes they care about and get others involved.
Increase in Donations
Daffy also set a record year in donations with its members recommending over 9,000 donations, totaling more than $9.8 million, a 179% increase over the prior year. Daffy has already enabled over 1.5 million charities, religious institutions and schools to give on their platform and its members donated to over 3,200 unique charities in 2023.
Daffy also saw that the average amount per donating member increased by over 25% year over year and that over 36% of all donations were recurring donations.
Daffy’s donation payout rate was more than two times the 2022 DAF industry average2. The “payout rate” is a metric that the philanthropy industry considers to measure how quickly charitable assets are moving to charities through donation recommendations. In 2023, Daffy saw total donations of $9.8 million, a payout rate of 49% over the $20.0 million in contributions it received in 2022.
To learn more about Daffy and the generosity of its members, read Daffy’s 2023 Year in Review:
https://www.daffy.org/year-in-review.
About Daffy
Daffy is the Donor-Advised Fund for You™, the ground-breaking, modern platform for charitable giving. The first platform to make giving an easy habit to keep by setting up one-time or recurring contributions with cash, debit, credit, Apple Pay, stock, index funds, mutual funds, or 120+ crypto assets, Daffy innovates the donor-advised fund technology to bring it back to its original goal of helping people give more easily and more regularly. With no minimum to get started and industry-low fees, Daffy allows anyone to set money aside, watch it grow tax-free, and donate to over 1.7+ million charities in the US, like a 401(K) for charitable giving. With fundraising capabilities, family features for families to give together, and a real-time feed of members’ philanthropic activity, Daffy taps into the inherently social nature of giving, helping people discover, inspire, and support the causes they care about most. Since its launch in September 2021, the Daffy community has grown to thousands with members’ account sizes ranging from $10 to over $10M. To give with Daffy, visit daffy.org or search “Daffy” in the App Store.
FOOTNOTE
- Blackbaud Institute. ‘Overall Giving Trends’ Charitable Giving Report. 2021. https://institute.blackbaud.com/charitable-giving-report/overall-giving-trends/
- The National Philanthropy Trust. ‘The DAF report.’ 2023. https://www.nptrust.org/reports/daf-report/. Both NPT and Daffy use the “Foundation Center” method which calculates the donation payout rate by this year’s grant amount divided by last year’s charitable contributions.
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