Fidelity Charitable overtook longtime leader United Way last year to become the nation’s largest nonprofit based on annual contributions, according to a survey released Thursday by the Chronicle of Philanthropy.
It was the first time a charity focused on donor-advised funds topped the publication’s annual list of the 400 largest charities. These funds give donors a tax deduction up front while allowing them to retain some control over the money. It is remarkable because Fidelity Charitable is only 25 years old.
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“There is a potential problem with so much money going to donor-advised funds and delaying when it actually reaches charities that are helping families and communities,” said Aaron Dorfman, chief executive of the National Committee for Responsive Philanthropy.
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