Fidelity Charitable, the independent public charity arm of Fidelity Investments, has announced that it distributed a record $3.5 billion in donor-recommended grants to nonprofit organizations in 2016, adding that donors contributed unprecedented amount in digital currency bitcoin.
Established in 1991, the organization challenged donors to recommend a cumulative $25 billion in grants by the end of 2016 to commemorate its 25th anniversary. With the record grant-making, the donors not only met the challenge but also surpassed the goal on December 16th.
“The dedication to giving with impact and the variety of causes our donors support is a constant source of inspiration for me and everyone at Fidelity Charitable. Our donors’ generosity helps millions of Americans every year, and we are privileged to help them give back to local, national and global communities,” said Pamela Norley, president, Fidelity Charitable. “Reaching this milestone of $25 billion in 25 years is the latest reminder of Fidelity Charitable’s responsibility to continually improve our support to our donors who seek to do good.”
Fidelity Charitable started accepting bitcoin in November 2015, expanding the existing array of assets donors can contribute to their donor-advised funds to fuel their philanthropy.
In order to accept bitcoin, Fidelity Charitable worked with Fidelity Labs, an idea and innovation catalyst and a Fidelity Investments company. In November 2015, the organization said that it uses Coinbase’s conversion service, which the company makes available to charities for free, to convert bitcoin. The proceeds of the conversion are allocated to the individual’s donor-advised fund at Fidelity Charitable.
“To support strategic giving and as part of a broader expansion in November 2015, Fidelity Charitable began accepting bitcoin, resulting in an unprecedented $7 million in contributions in 2016 made from donors across the country. These donors were able to maximize their contributions with Fidelity Charitable efficiently monetizing the bitcoin for grant-making”, the official release said.
