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Non-profit

Fidelity Investments Charitable Gift Fund

Website:

www.fidelitycharitable.org
Location:

BOSTON, MA
Tax ID:

11-0303001
Tax-Exempt Status:

501(c)(3)

Budget (2017):

Revenue: $7,357,429,096
Expenses: $3,834,825,046
Assets: $21,223,553,156
Type:

Commercial Donor-Advised Fund Provider

Fidelity Investments Charitable Gift Fund (Fidelity Charitable) is the largest public charity in the United States, holding over $30 billion in assets under management as of 2019. Fidelity Charitable was the first commercial provider of donor-advised fund (DAFs), managing charitable accounts through which donors can distribute gifts over time to charities of their choice while receiving immediate tax benefits. As of 2020, Fidelity Charitable manages fund accounts for nearly 250,000 donors.

In spring 2019, former multi-million-dollar donors Emily and Malcolm Fairbairn filed a lawsuit against Fidelity Charitable for negligence and breach of contract, arguing that Fidelity Charitable misrepresented the nature of their DAF account. The lawsuit has yet to go to trial, but it has since sparked debate over DAFs, including the introduction of a bill to regulate DAFs in the California Assembly.

Between 2019 and 2020, Fidelity Charitable became a primary target of a smear campaign by left-wing news organization Sludge, with left-wing journalist Alex Kotch accusing Fidelity Charitable of funneling money to “hate groups” as determined by the controversial, left-wing Southern Poverty Law Center (SPLC). The criticisms have persisted, though Fidelity Charitable representatives have gone on the record to emphasize that the Fund does not exercise control over its grantmaking procedures, but rather allows donors to decide which charities will receive grants from their individual fund accounts.

History

Fidelity Charitable was established in 1991 as a public charity related to financial services firm Fidelity Investments. [1] In recent years, the fund has grown substantially, reporting just over $3 billion in grants disbursed in 2015 and 2016. [2] The fund has continued to grow, distributing $5.2 billion in grants in 2018 and a record-setting $7.3 billion in grants in 2019. [3] In 2016, Fidelity Charitable surpassed United Way as the largest fundraising charity in the country. [4] Three years later, Fidelity Charitable surpassed the Gates Foundation to become the largest charitable grantmaking organization in the United States. [5] Since 1991, Fidelity Charitable has distributed over $40 billion in grants to over 300,000 different charities. [6]

Fidelity Charitable was the first commercial provider of donor-advised fund (DAFs) and today manages fund accounts for nearly 250,000 donors. [7] When individuals make a contribution to a DAF account, they become eligible for immediate tax deductions. [8] Fidelity Charitable then disburses grants to charities recommended by the donors of each account or invests those funds for tax-free growth which can then be donated to “virtually any IRS-qualified public charity,” either immediately or over time. [9] Because Fidelity Charitable disburses grants to almost any charity recommended by individual donors, contributions are spread across thousands of charities with varied political and religious leanings.

Fidelity Charitable Trustees’ Initiative

Aside from managing DAF accounts, Fidelity Charitable also runs its Trustees’ Initiative, a grantmaking program that is separate from the DAF program. [10] The Trustees’ Initiative makes direct grants to improve social sector infrastructure, giving to various nonprofits that promote shared research, networks, and information that maximize donor and nonprofit impact. [11]

Since its foundation, the Fidelity Charitable Trustees’ Initiative has given over $34 million in direct grants to nonprofits, including $6.4 million in 2019 alone. [12] These include grants to databases including GuideStar, Charity Navigator, and VolunteerMatch. [13]

COVID-19 Pandemic Response

In spring of 2020 when the COVID-19 pandemic reached the United States, Fidelity Charitable created a list of organizations with an immediate need for funding as a guideline for donors looking to increase charitable giving. [14]

In April 2020, Fidelity Charitable launched an initiative which challenged donors to double their donations to reach $200 million by May 5 in order to respond to the pandemic. [15] In March of 2019 alone, Fidelity Charitable donors recommended more than $100 million in grants from DAF accounts be made to 4,500 nonprofits dedicated to pandemic response. [16] Fidelity Charitable reported an increase of 36% of grants in March 2020 when compared to March 2019. [17]

In addition to launching a donor challenge, Fidelity Charitable conducted a study of American donors at large in response to the pandemic. The study found that 79% of donors planned to increase or maintain their giving in the wake of the pandemic, but 47% of volunteers said that the amount of time they volunteer will decrease or stop as a result. [18]

Proposed Donor-Advised Fund Regulation

In recent years, donor-advised funds have been criticized as “warehouses” of wealth which allow powerful individuals to get immediate tax breaks on donations without having to disburse those funds to charity on any regular schedule if at all. [19] Fidelity Charitable, alongside other DAFs, has been criticized for having a “perverse” incentive to keep funds in accounts, rather than disbursing it to charity, given that Fidelity Charitable earns management fees on the money in the DAF accounts. [20] In 2019 alone, Fidelity Investments received nearly $60 million in revenue generated by fees from DAF management and invested approximately 60% of donor money into other Fidelity funds. [21] In 2016, Fidelity Charitable distributed just 18% of its total assets to charitable organizations. [22]

In response to these criticisms, various states have considered regulations on DAFs, including Fidelity Charitable. In January 2020, the California state legislature passed Assembly Bill 1712 through committee, which would require greater financial disclosure from DAF accounts. [23] The bill, if passed, would require that DAFs disclose the details of how often accounts sit on donated funds without actually disbursing the funding to charity, which could provide hard evidence for the often-volleyed criticism of DAFs being used as indefinite tax havens disguised as philanthropic endeavors. [24] Proponents of DAF regulation also argue in favor of establishing a five-percent minimum payout from all accounts. [25]

The bill sparked a heated battle in California, with the Fidelity Charitable expressing opposition to the proposal while the powerful nonprofit advocacy group CalNonprofits stated its support. [26] [27] [28][29] Less than a week after the bill was introduced in the Assembly, it was pulled from the floor. [30]

Lawsuit for Alleged Breach of Contract

In May 2019, investment moguls Emily and Malcolm Fairbairn brought a lawsuit against Fidelity Charitable, alleging that their $100 million gift to Fidelity Charitable was mishandled. [31] The lawsuit charges Fidelity Charitable with breach of contract, misrepresentation, and negligence. [32]

In 2017, the Fairbairns’ $100 million donation included shares of Energous, a wireless charging technology company with substantial recent appreciation. [33] The lawsuit alleges that the Fairbairns were promised that Fidelity Charitable would sell the shares over time and not let any sale exceed 10 percent of the daily trading volume, in order to maintain the value of the shares. [34] Fidelity Charitable sold all of the shares on the day they received them, resulting in a $5 million total loss from the sale of the shares due to the price per share dropping by nearly $8 from the beginning to end of trading in a single day. [35]

A spokesman for Fidelity Charitable responded that it is the Fund’s policy to sell any securities as soon as they are received, and that the Fairbairns were informed of that policy when they made their gift. [36] Lawyers for the Fairbairns disputed the claims, alleging that Fidelity Charitable told the couple that their stock would be sold gradually in order to maintain the price. [37]

Fidelity Charitable filed a motion to dismiss the suit in the United States District Court for the Northern District of California. [38] Judge Jacqueline Corley denied the motion to dismiss, allowing the case to proceed. [39] In March 2020, Fidelity Charitable moved to receive a ruling from a magistrate ahead of moving to trial. [40] Fidelity Charitable’s motion was denied on March 2, and the court granted the Fairbairns’ motion to reject some of Fidelity’s legal defenses, including an argument that the Fairbairns couldn’t bring claims on the grounds that Emily Fairbairn used non-public information to manipulate stock price. [41] The case has yet to go to trial as of April 2020.

Criticisms from the Left

Fidelity Charitable maintains a policy which states that it is “cause neutral,” meaning that it does not deny grants recommended by donors based on the ideology of the recipient organization. [42] Fidelity Charitable will only deny donations to organizations which are not in good standing with the United States IRS. [43]

Although Fidelity Charitable gives donors near total discretion over the disbursement of their gift accounts, the Fund has nonetheless been relentlessly attacked by left-of-center organizations for supporting alleged “hate groups” as designated by the radical, left-wing Southern Poverty Law Center (SPLC). The SPLC list includes mainstream conservative organizations, including the Alliance Defending Freedom (ADF), the Pacific Justice Institute, and the Family Research Council. [44]

These criticisms ignore the fact that Fidelity Charitable does not exercise any control over disbursements from DAF accounts, instead allowing individual donors to exercise discretion over their gifts. In fact, Fidelity Charitable has made large contributions to left-of-center organizations as well, including millions of dollars of contributions to the SPLC itself. [45] [46] The criticisms are primarily leveled by left-wing publication Sludge, specifically by radical journalist Alex Kotch.

Anti-Abortion Funding

From January to June of 2019, five states passed new measures designed to limit abortions. [47] In June of 2019, left-wing publication Sludge published a report claiming that state and national groups spent millions on lobbying to pass “abortion bans,” detailing where twenty pro-life groups received their funding. [48]

Sludge criticized Fidelity Charitable for providing $890,000 in funding between 2013 and 2017 to 14 organizations which Sludge deemed to be anti-abortion. [49] The report further criticized Fidelity Charitable for providing funding to the ADF, though the ADF was not directly linked to any of the pro-life bills which passed in early 2019. [50] Between 2013 and 2017, Fidelity Charitable gave $1.75 million in grants to ADF. [51] The report also condemned donations made from Fidelity Charitable to the Charlotte Lozier Institute Legal Defense Fund ($638,125), National Right to Life ($77,913), and Concerned Women for America ($82,775). [52]

Southern Poverty Law Center (SPLC) “Hate Group” Controversy

In February 2019, Sludge released an expose accusing Fidelity Investments Charitable Gift Fund of “funneling millions to hate groups from anonymous donors.” [53] The report alleged that the Fund was part of a group of four DAFs which gave over $10 million to 34 “hate groups,” as determined by the controversial, left-wing Southern Poverty Law Center (SPLC). [54] This list includes mainstream conservative organizations, including the ADF and the Family Research Council which received $2.7 million and $548,000 from the DAFs respectively between 2014 and 2017. [55]

Fidelity Charitable defended itself from the allegations, noting that donors exercise control of their funds and explaining that if there are concerning reports regarding a specific charity, Fidelity Charitable considers those reports before giving a grant to the organization. [56]

One month later, following the release of the Sludge report, 20 left-of-center foundations and philanthropists launched a campaign called “Hate Is Not Charitable” in an effort to pressure the charities named in the report to implement policies which would bar donations from DAF accounts to nonprofits considered by the SPLC to be hate groups. [57] Supporters of the coalition include radical, left-wing organizations including Race Forward, the Liberty Hill Foundation, and the Amalgamated Charitable Foundation, a provider of DAFs associated with the SEIU-controlled Amalgamated Bank. [58]

In November of 2019, Sludge took further aim at Fidelity Charitable, accusing it of funding an “anti-immigrant hate group” responsible for spreading “white nationalist ideas.” [59] The charge came as part of a larger report against the Foundation for the Carolinas, a charity which donated $900,000 to the Center for Immigration Studies (CIS) in 2016. [60] The CIS, which pushes for restrictionist immigration policies and frequently consults with the Trump administration on immigration policy, has been deemed a hate group by the SPLC. [61]

Fidelity Charitable paid out just $19,000 to the Center for Immigration Studies (CIS) between 2016 and 2018. [62] Sludge alleged that CIS promotes “racist arguments” which are responsible for the El Paso mass shooting which killed 22 people in August 2019. [63]

Council on American-Islamic Relations (CAIR) Controversy

In May 2019, the Council on American-Islamic Relations (CAIR) published a report alleging that more than 1,000 American nonprofit foundations donated $125 million to purportedly anti-Muslim organizations from 2014-2016, including Fidelity Charitable, which gave $8.7 million. [64] CAIR report authors alleged that the groups, including Fidelity Charitable, were funding what they called the “Islamophobia Network.” [65]

CAIR claimed that the organizations which had donated to any of 39 groups deemed “anti-Muslim” by CAIR share “an ideology of extreme anti-Muslim animus and work with one another to negatively influence public opinion and government policy about Muslims and Islam.” [66] The report went so far as to call the “Islamophobia Network” an “institutional feature of American philanthropy.” [67] The so-called Islamophobia Network included mainstream political organizations, including the American Islamic Forum for Democracy (AIFD), an organization created by and for American Muslims which opposes Islamism, the ideology that ties the Muslim faith to an Islamic political state. [68] [69]

Accusations of Sexism

In July 2021, Inside Philanthropy accused Fidelity Charitable of inadvertent sexism in its 2021 Women and Giving report. [70] According to Inside Philanthropy writer, Dawn Wolfe, Fidelity Charitable examined female charitable giving “like the character Barclay’s holodeck fantasy about Counselor Troi in ‘Star Trek: The Next Generation.’”[71] Fidelity Charitable’s report gave information on gender discrepancies in charitable giving. The report concluded that women are more likely to make non-monetary charitable contributions through volunteering, item donation, and choosing to shop at sustainable or charitable organizations rather than through charitable investments or microloans. [72] Inside Philanthropy admits that the information in Fidelity Charitable’s report is reputable but claims that “the lovely gender essentialist framing” decreased the academic value of the report. [73]

Leadership

Pamela Norley works as president of Fidelity Charitable. [74] Norley has been president since September 2016, but prior to her work with Fidelity Charitable, Norley spent decades working for Fidelity Investments. [75] Norley joined the Fidelity Corporate Legal department in 1996 before moving into various roles in business compliance and sales for Fidelity. [76] Norley later served as executive vice president of Enterprise Talent and Research Groups, led the Fidelity Consulting Group, and played a key role in launching Fidelity’s Corporate Business Development Group. [77] Norley also sits on the board of various nonprofit organizations, including the Temple University School of Law, the Greater Boston Food Bank, and Points of Light, a charity aiming to uphold the United Nations Sustainable Development Goals. [78]

Norely began making political donations in January 2019, donating over $3000 to Fidelity’s corporate political action committee. [79] Norely also donated $1000 to Friends of Pat Toomey, a PAC supporting U.S. Senator Pat Toomey (R-PA). [80]

In 2015, Fidelity Charitable faced controversy over lack of transparency in executive pay. [81] Rather than paying executive officials directly (and being thereby forced to report their compensation on public tax documents), Fidelity Charitable paid FMR LLC, the parent company to Fidelity Investments. [82] In return, FMR LLC, a private company, paid Fidelity Charitable executives. [83] In 2015, Fidelity Charitable paid $32,548,005 to FMR LLC. [84] Fidelity has not since changed its policy, paying FMR LLC $46,250,730 in 2016. [85]

References

  1. “About Us.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us.html. ^
  2. “Fidelity Investments Charitable Gift Fund.” Return of Organization Exempt from Income Tax, Form 990. 2016. ^
  3. “Fidelity’s Donor-Advised Fund Saw $7.3 Billion in Gift-Giving in 2019.” Investment News, February 11, 2020. https://www.investmentnews.com/fidelitys-donor-advised-fund-saw-7-3-billion-in-gift-giving-in-2019-188199. ^
  4. Collins, Chuck. “The Perils of Billionaire Philanthropy.” The Nation, September 13, 2019. https://www.thenation.com/article/archive/philanthropy-charity-inequality-taxes/. ^
  5. Fischer, Michael S. “Fidelity Charitable Edges Out Gates Foundation as Biggest Grant Maker.” ThinkAdvisor, December 23, 2019. https://www.thinkadvisor.com/2019/12/23/fidelity-charitable-edges-out-gates-foundation-as-biggest-grant-maker/. ^
  6. “About Us.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us.html. ^
  7. “About Us.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us.html. ^
  8. “What Is a Donor-Advised Fund?” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/guidance/philanthropy/what-is-a-donor-advised-fund.html. ^
  9. “What Is a Donor-Advised Fund?” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/guidance/philanthropy/what-is-a-donor-advised-fund.html. ^
  10. “The Fidelity Charitable Trustees’ Initiative.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us/trustees-initiative.html. ^
  11. “The Fidelity Charitable Trustees’ Initiative.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us/trustees-initiative.html. ^
  12. “The Fidelity Charitable Trustees’ Initiative.” Fidelity Charitable. Accessed April 11, 2020. https://www.fidelitycharitable.org/about-us/trustees-initiative.html. ^
  13. “Fidelity Charitable Trustees’ Initiative: 2019 Impact Report.” Fidelity Charitable. 2019. https://www.fidelitycharitable.org/content/dam/fc-public/docs/annual-reports/2019-fidelity-charitable-trustees-initiative-impact-report.pdf ^
  14. Salinger, Tobias, and Jessica Mathews. “Charity, Free Advisor Services and More: How the Industry Is Stepping up in the Coronavirus Outbreak.” Financial Planning, April 7, 2020. https://www.financial-planning.com/list/financial-advisor-firms-respond-to-coronavirus-pandemic. ^
  15. Napach, Bernice. “Fidelity Charitable Challenges Its Donors to Give More.” Think Advisor, April 8, 2020. https://www.thinkadvisor.com/2020/04/08/fidelity-charitable-challenges-its-donors-to-give-more/. ^
  16. Napach, Bernice. “Fidelity Charitable Challenges Its Donors to Give More.” Think Advisor, April 8, 2020. https://www.thinkadvisor.com/2020/04/08/fidelity-charitable-challenges-its-donors-to-give-more/. ^
  17. Napach, Bernice. “Fidelity Charitable Challenges Its Donors to Give More.” Think Advisor, April 8, 2020. https://www.thinkadvisor.com/2020/04/08/fidelity-charitable-challenges-its-donors-to-give-more/. ^
  18. “New Data on Giving During COVID-19 Highlights Unprecedented Need; Fidelity Charitable® Challenges Donors to Double Recommended Grants to $200 Million by May.” Baytown Sun, April 8, 2020. http://baytownsun.com/coronavirus/article_d60db6a2-87ef-5b25-bb9f-a66e94cbd1d8.html ^
  19. Carver, Edward, and Rob Reich. “State-Sponsored Empire Building: A Conversation with Rob Reich.” Los Angeles Review of Books, April 8, 2020. https://www.lareviewofbooks.org/article/state-sponsored-empire-building-a-conversation-with-rob-reich/. ^
  20. Carver, Edward, and Rob Reich. “State-Sponsored Empire Building: A Conversation with Rob Reich.” Los Angeles Review of Books, April 8, 2020. https://www.lareviewofbooks.org/article/state-sponsored-empire-building-a-conversation-with-rob-reich/. ^
  21. “Fidelity Charitable Fund Bankrolls ‘Hate Groups,” Critics Say.” CBS News. CBS Interactive. Accessed April 11, 2020. https://www.cbsnews.com/news/fidelity-401k-provider-criticized-for-funding-hate-groups/. ^
  22. “Fidelity Investments Charitable Gift Fund.” Return of Organization Exempt from Income Tax, Form 990. 2016. ^
  23. Schleifer, Theodore. “Why Jack Dorsey (and You) Should Pay Attention to This Proposed Charity Law in California.” Vox. Vox, January 15, 2020. https://www.vox.com/recode/2020/1/14/21066132/california-bill-donor-advised-funds-silicon-valley. ^
  24. Schleifer, Theodore. “Why Jack Dorsey (and You) Should Pay Attention to This Proposed Charity Law in California.” Vox. Vox, January 15, 2020. https://www.vox.com/recode/2020/1/14/21066132/california-bill-donor-advised-funds-silicon-valley. ^
  25. Schleifer, Theodore. “Why Jack Dorsey (and You) Should Pay Attention to This Proposed Charity Law in California.” Vox. Vox, January 15, 2020. https://www.vox.com/recode/2020/1/14/21066132/california-bill-donor-advised-funds-silicon-valley. ^
  26. Schleifer, Theodore. “Why Jack Dorsey (and You) Should Pay Attention to This Proposed Charity Law in California.” Vox. Vox, January 15, 2020. https://www.vox.com/recode/2020/1/14/21066132/california-bill-donor-advised-funds-silicon-valley. ^
  27. Dubb, Steve. “California Bill to Regulate Donor-Advised Funds Advances in State Assembly.” Non Profit News . Nonprofit Quarterly, January 17, 2020. https://nonprofitquarterly.org/california-bill-to-regulate-donor-advised-funds-advances-in-state-assembly/. ^
  28. Dragonetti, Christina. “CalNonprofits Co-Sponsors Bill on Donor-Advised Funds.” CalNonprofits. Accessed April 11, 2020.https://calnonprofits.org/publications/article-archive/636-calnonprofits-co-sponsors-bill-on-donor-advised-funds. ^
  29. Bell, Jeanne. “Donor-Advised Funds Debate Intensifies with Proposed California Legislation.” Non Profit News, September 5, 2019. https://nonprofitquarterly.org/donor-advised-funds-debate-intensifies-with-proposed-california-legislation/. ^
  30. Daniels, Alex. “Donor-Advised-Fund Bill Sparks Fierce Lobbying Clash in Calif.” The Chronicle of Philanthropy, January 23, 2020. https://www.philanthropy.com/article/Donor-Advised-Fund-Bill-Sparks/247896. ^
  31. Sullivan, Paul. “Lawsuit Could Cool a Fast-Growing Way of Giving to Charities.” The New York Times. The New York Times, May 31, 2019. https://www.nytimes.com/2019/05/31/your-money/donor-advised-funds-charitable-giving-lawsuit.html. ^
  32. McEachren, Troy. “Donors Sue for Losing Millions in Their Donor Advised Fund: What Both Donors and Charities Can Learn from Fairbairn v. Fidelity Investments Charitable Fund.” Lexology, July 30, 2019. https://www.lexology.com/library/detail.aspx?g=5a4847d5-d74c-4b0e-a59c-e1daf9852a97. ^
  33. Sullivan, Paul. “Lawsuit Could Cool a Fast-Growing Way of Giving to Charities.” The New York Times. The New York Times, May 31, 2019. https://www.nytimes.com/2019/05/31/your-money/donor-advised-funds-charitable-giving-lawsuit.html. ^
  34. Sullivan, Paul. “Lawsuit Could Cool a Fast-Growing Way of Giving to Charities.” The New York Times. The New York Times, May 31, 2019. https://www.nytimes.com/2019/05/31/your-money/donor-advised-funds-charitable-giving-lawsuit.html. ^
  35. McEachren, Troy. “Donors Sue for Losing Millions in Their Donor Advised Fund: What Both Donors and Charities Can Learn from Fairbairn v. Fidelity Investments Charitable Fund.” Lexology, July 30, 2019. https://www.lexology.com/library/detail.aspx?g=5a4847d5-d74c-4b0e-a59c-e1daf9852a97. ^
  36. Sullivan, Paul. “Lawsuit Could Cool a Fast-Growing Way of Giving to Charities.” The New York Times. The New York Times, May 31, 2019. https://www.nytimes.com/2019/05/31/your-money/donor-advised-funds-charitable-giving-lawsuit.html. ^
  37. Sullivan, Paul. “Lawsuit Could Cool a Fast-Growing Way of Giving to Charities.” The New York Times. The New York Times, May 31, 2019. https://www.nytimes.com/2019/05/31/your-money/donor-advised-funds-charitable-giving-lawsuit.html. ^
  38. “ORDER RE: MOTION TO DISMISS.” Fairbairn v. Fid. Invs. Charitable Gift Fund, No. 18-cv-04881-JSC, 2018 BL 438446 (N.D. Cal. Nov. 28, 2018), Court Opinion. Accessed April 11, 2020. https://www.bloomberglaw.com/public/desktop/document/FairbairnvFidInvsCharitableGiftFundNo18CV04881JSC2018BL438446NDCa?1558043. ^
  39. “ORDER RE: MOTION TO DISMISS.” Fairbairn v. Fid. Invs. Charitable Gift Fund, No. 18-cv-04881-JSC, 2018 BL 438446 (N.D. Cal. Nov. 28, 2018), Court Opinion. Accessed April 11, 2020. https://www.bloomberglaw.com/public/desktop/document/FairbairnvFidInvsCharitableGiftFundNo18CV04881JSC2018BL438446NDCa?1558043. ^
  40. Bagchi, Aysha. “Fidelity Loses Early Bid to Toss Philanthropy Tax Lawsuit (1).” Bloomberg BNA News, March 3, 2020. https://news.bloombergtax.com/daily-tax-report/fidelity-investments-loses-early-bid-to-toss-philanthropy-tax-lawsuit. ^
  41. Bagchi, Aysha. “Fidelity Loses Early Bid to Toss Philanthropy Tax Lawsuit (1).” Bloomberg BNA News, March 3, 2020. https://news.bloombergtax.com/daily-tax-report/fidelity-investments-loses-early-bid-to-toss-philanthropy-tax-lawsuit. ^
  42. “Fidelity Charitable Fund Bankrolls ‘Hate Groups,” Critics Say.” CBS News. CBS Interactive. Accessed April 11, 2020. https://www.cbsnews.com/news/fidelity-401k-provider-criticized-for-funding-hate-groups/. ^
  43. “Fidelity Charitable Fund Bankrolls ‘Hate Groups,” Critics Say.” CBS News. CBS Interactive. Accessed April 11, 2020. https://www.cbsnews.com/news/fidelity-401k-provider-criticized-for-funding-hate-groups/. ^
  44. “Hate Map.” Southern Poverty Law Center, April 9, 2020. https://www.splcenter.org/hate-map. ^
  45. Mooney, Kevin. “Tech Giants Run Silent as Shake-Up Hits Southern Poverty Law Center.” The Daily Signal, April 3, 2019. https://www.dailysignal.com/2019/04/02/tech-giants-run-silent-as-shake-up-hits-southern-poverty-law-center/. ^
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  47. Kotch, Alex. “These Corporations and Public Charities Funded the State Abortion Bans.” The American Prospect, June 21, 2019. https://prospect.org/health/corporations-public-charities-funded-state-abortion-bans/. ^
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  53. Kotch, Alex. “America’s Biggest Charities Are Funneling Millions to Hate Groups From Anonymous Donors.” Sludge, February 19, 2019. https://readsludge.com/2019/02/19/americas-biggest-charities-are-funneling-millions-to-hate-groups-from-anonymous-donors/. ^
  54. Kotch, Alex. “America’s Biggest Charities Are Funneling Millions to Hate Groups From Anonymous Donors.” Sludge, February 19, 2019. https://readsludge.com/2019/02/19/americas-biggest-charities-are-funneling-millions-to-hate-groups-from-anonymous-donors/. ^
  55. Kotch, Alex. “America’s Biggest Charities Are Funneling Millions to Hate Groups From Anonymous Donors.” Sludge, February 19, 2019. https://readsludge.com/2019/02/19/americas-biggest-charities-are-funneling-millions-to-hate-groups-from-anonymous-donors/. ^
  56. Kotch, Alex. “America’s Biggest Charities Are Funneling Millions to Hate Groups From Anonymous Donors.” Sludge, February 19, 2019. https://readsludge.com/2019/02/19/americas-biggest-charities-are-funneling-millions-to-hate-groups-from-anonymous-donors/. ^
  57. Kotch, Alex. “America’s Biggest Charities Are Funneling Millions to Hate Groups From Anonymous Donors.” Sludge, February 19, 2019. https://readsludge.com/2019/02/19/americas-biggest-charities-are-funneling-millions-to-hate-groups-from-anonymous-donors/. ^
  58. “Hate Is Not Charitable.” Hate Is Not Charitable. Amalgamated Foundation, December 3, 2019. http://amalgamatedfoundation.org/hate-is-not-charitable. ^
  59. Kotch, Alex. “Major Charity Finances Anti-Immigrant Hate Group Tied to Stephen Miller.” Sludge, November 19, 2019.https://readsludge.com/2019/11/19/major-charity-finances-anti-immigrant-hate-group-tied-to-stephen-miller/. ^
  60. Kotch, Alex. “Major Charity Finances Anti-Immigrant Hate Group Tied to Stephen Miller.” Sludge, November 19, 2019. https://readsludge.com/2019/11/19/major-charity-finances-anti-immigrant-hate-group-tied-to-stephen-miller/. ^
  61. Kotch, Alex. “Major Charity Finances Anti-Immigrant Hate Group Tied to Stephen Miller.” Sludge, November 19, 2019. https://readsludge.com/2019/11/19/major-charity-finances-anti-immigrant-hate-group-tied-to-stephen-miller/. ^
  62. Kotch, Alex. “Major Charity Finances Anti-Immigrant Hate Group Tied to Stephen Miller.” Sludge, November 19, 2019. https://readsludge.com/2019/11/19/major-charity-finances-anti-immigrant-hate-group-tied-to-stephen-miller/. ^
  63. Kotch, Alex. “Major Charity Finances Anti-Immigrant Hate Group Tied to Stephen Miller.” Sludge, November 19, 2019. https://readsludge.com/2019/11/19/major-charity-finances-anti-immigrant-hate-group-tied-to-stephen-miller/. ^
  64. Kotch, Alex. “Mainstream Charities Are Bankrolling Islamophobic Hate Groups.” Truthout. Truthout, May 9, 2019. https://truthout.org/articles/mainstream-charities-are-bankrolling-islamophobic-hate-groups/. ^
  65. Kotch, Alex. “Mainstream Charities Are Bankrolling Islamophobic Hate Groups.” Truthout.Truthout, May 9, 2019. https://truthout.org/articles/mainstream-charities-are-bankrolling-islamophobic-hate-groups/. ^
  66. Kotch, Alex. “Mainstream Charities Are Bankrolling Islamophobic Hate Groups.” Truthout. Truthout, May 9, 2019. https://truthout.org/articles/mainstream-charities-are-bankrolling-islamophobic-hate-groups/. ^
  67. Kotch, Alex. “Mainstream Charities Are Bankrolling Islamophobic Hate Groups.” Truthout. Truthout, May 9, 2019. https://truthout.org/articles/mainstream-charities-are-bankrolling-islamophobic-hate-groups/. ^
  68. “FEAR INC.” The Islamophobia Network. Accessed April 11, 2020.https://islamophobianetwork.com/. ^
  69. “About Us.” American Islamic Forum for Democracy. Accessed April 11, 2020.https://aifdemocracy.org/our-work/about-us/. ^
  70. Wolfe, Dawn. “Fidelity Charitable’s 2021 Women and Giving Report: Solid Facts With a Side of Sexism.” Inside Philanthropy. Inside Philanthropy, July 2, 2021. https://www.insidephilanthropy.com/home/2021/7/2/fidelity-charitables-2021-women-and-giving-report-solid-facts-with-a-side-of-sexism?utm_source=Funding%2BNews%2B%26%2BTips&utm_campaign=f22df871f4-newsletterdaily&utm_medium=email&utm_term=0_c776dbf0df-f22df871f4-95098585. ^
  71. Wolfe, Dawn. “Fidelity Charitable’s 2021 Women and Giving Report: Solid Facts With a Side of Sexism.” Inside Philanthropy. Inside Philanthropy, July 2, 2021. https://www.insidephilanthropy.com/home/2021/7/2/fidelity-charitables-2021-women-and-giving-report-solid-facts-with-a-side-of-sexism?utm_source=Funding%2BNews%2B%26%2BTips&utm_campaign=f22df871f4-newsletterdaily&utm_medium=email&utm_term=0_c776dbf0df-f22df871f4-95098585. ^
  72. “2021 Women and Giving.” Fidelity Charitable. FMR LLC, June 2021. https://www.fidelitycharitable.org/content/dam/fc-public/docs/insights/2021-women-and-giving.pdf. ^
  73. Wolfe, Dawn. “Fidelity Charitable’s 2021 Women and Giving Report: Solid Facts With a Side of Sexism.” Inside Philanthropy. Inside Philanthropy, July 2, 2021. https://www.insidephilanthropy.com/home/2021/7/2/fidelity-charitables-2021-women-and-giving-report-solid-facts-with-a-side-of-sexism?utm_source=Funding%2BNews%2B%26%2BTips&utm_campaign=f22df871f4-newsletterdaily&utm_medium=email&utm_term=0_c776dbf0df-f22df871f4-95098585. ^
  74. “Board Members: Pamela Norley.” Points of Light. Accessed April 11, 2020.https://www.pointsoflight.org/people/board-members/pamela-norley/. ^
  75. “Board Members: Pamela Norley.” Points of Light. Accessed April 11, 2020.https://www.pointsoflight.org/people/board-members/pamela-norley/. ^
  76. “Board Members: Pamela Norley.” Points of Light. Accessed April 11, 2020. https://www.pointsoflight.org/people/board-members/pamela-norley/. ^
  77. “Board Members: Pamela Norley.” Points of Light. Accessed April 11, 2020. https://www.pointsoflight.org/people/board-members/pamela-norley/. ^
  78. “Fidelity Investments Charitable Gift Fund.” Return of Organization Exempt from IncomeTax, Form 990. 2016. ^
  79. “Browse Individual Contributions: Pamela Norley.” FEC.gov. Federal Election Commission(FEC). Accessed April 11, 2020. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Pamela+Norley&two_year_transaction_period=2020&min_date=01/01/2019&max_date=12/31/2020. ^
  80. “Browse Individual Contributions: Pamela Norley.” FEC.gov. Federal Election Commission(FEC). Accessed April 11, 2020. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Pamela+Norley&two_year_transaction_period=2020&min_date=01/01/2019&max_date=12/31/2020. ^
  81. Cantor, Alan M. “Opinion: Fidelity Charitable’s Executive Pay Strategy Shows Arrogance –and an IRS Flaw.” The Chronicle of Philanthropy. The Chronicle of Philanthropy, December 1, 2015. https://www.philanthropy.com/article/Opinion-Fidelity/234406. ^
  82. Cantor, Alan M. “Opinion: Fidelity Charitable’s Executive Pay Strategy Shows Arrogance –and an IRS Flaw.” The Chronicle of Philanthropy. The Chronicle of Philanthropy, December 1, 2015. https://www.philanthropy.com/article/Opinion-Fidelity/234406. ^
  83. Cantor, Alan M. “Opinion: Fidelity Charitable’s Executive Pay Strategy Shows Arrogance –and an IRS Flaw.” The Chronicle of Philanthropy. The Chronicle of Philanthropy, December 1, 2015. https://www.philanthropy.com/article/Opinion-Fidelity/234406. ^
  84. Cantor, Alan M. “Opinion: Fidelity Charitable’s Executive Pay Strategy Shows Arrogance –and an IRS Flaw.” The Chronicle of Philanthropy. The Chronicle of Philanthropy, December 1, 2015. https://www.philanthropy.com/article/Opinion-Fidelity/234406. ^
  85. “Fidelity Investments Charitable Gift Fund.” Return of Organization Exempt from Income Tax, Form 990. 2016. ^

Directors, Employees & Supporters

  1. Brian Acton
    Account Holder: Acton Family Giving and Solidarity Fund

Donation Recipients

  1. 1Sky (Non-profit)
  2. Alabama Policy Institute (Non-profit)
  3. American Civil Liberties Union (ACLU) Foundation (Non-profit)
  4. American Prospect (Non-profit)
  5. Americans for Fair Treatment (Non-profit)
  6. Arise Chicago (Non-profit)
  7. Ballot Initiative Strategy Center Foundation (Non-profit)
  8. Bell Policy Center (Non-profit)
  9. Campaign Legal Center (Non-profit)
  10. Catholic Legal Immigration Network (CLINIC) (Non-profit)
  11. Citizen Engagement Lab (CEL) Education Fund (Non-profit)
  12. Center for a New American Dream (Non-profit)
  13. Center for Biological Diversity (CBD) (Non-profit)
  14. Center for Digital Democracy (Non-profit)
  15. Center for Law and Social Policy (CLASP) (Non-profit)
  16. Center for Public Interest Research (Non-profit)
  17. Center for the Study of Social Policy (Non-profit)
  18. Chicago Media Project (CMP) (Non-profit)
  19. Citizens Climate Education Corporation (Non-profit)
  20. Citizens for Responsible Energy Solutions Forum (CRES) (Non-profit)
  21. Common Counsel Foundation (Non-profit)
  22. Constitutional Accountability Center (Non-profit)
  23. DKT International (Non-profit)
  24. Draper Richards Kaplan Foundation (Non-profit)
  25. EarthRights International (ERI) (Non-profit)
  26. Economic Opportunity Institute (Non-profit)
  27. Electronic Privacy Information Center (Non-profit)
  28. Environmental Defender Law Center (Non-profit)
  29. First Liberty Institute (Non-profit)
  30. Free Press (Non-profit)
  31. Freedom From Religion Foundation (Non-profit)
  32. Fund for the City of New York (Non-profit)
  33. Georgia Budget and Policy Institute (Non-profit)
  34. Goodman Institute for Public Policy Research (Non-profit)
  35. Grassroot Institute of Hawaii (Non-profit)
  36. Highlander Research and Education Center (Non-profit)
  37. Hopewell Fund (Non-profit)
  38. Humane Society of the United States (HSUS) (Non-profit)
  39. Institute for Women’s Policy Research (Non-profit)
  40. Institute on Taxation and Economic Policy (Non-profit)
  41. Intercollegiate Studies Institute (Non-profit)
  42. Interfaith Worker Justice (Non-profit)
  43. Kids Forward (Non-profit)
  44. Leadership Conference Education Fund (Non-profit)
  45. Leadership Program of the Rockies (Non-profit)
  46. Maine Center for Economic Policy (Non-profit)
  47. Massachusetts Budget and Policy Center (Non-profit)
  48. Movement Alliance Project (Non-profit)
  49. Mercy For Animals (Non-profit)
  50. National Center for Law and Economic Justice (Non-profit)
  51. National Coalition to Abolish the Death Penalty (Non-profit)
  52. National Committee for Responsive Philanthropy (Non-profit)
  53. National Congress of American Indians (Non-profit)
  54. National Domestic Workers Alliance (NDWA) (Non-profit)
  55. National LGBTQ Task Force (Non-profit)
  56. National Latina Institute for Reproductive Health (Non-profit)
  57. National Public Radio (NPR) (Non-profit)
  58. National Redistricting Foundation (NRF) (Non-profit)
  59. National Women’s Law Center (Non-profit)
  60. New America (New America Foundation) (Non-profit)
  61. New Leaders Council (NLC) (Non-profit)
  62. New Organizing Institute Education Fund (NOI Education Fund) (Non-profit)
  63. North Carolina Justice Center (Non-profit)
  64. Oakland Institute (Non-profit)
  65. Oil Change International (Non-profit)
  66. Open Space Conservancy (Non-profit)
  67. Our Fund (Non-profit)
  68. Pathfinder International (Non-profit)
  69. Peace and Justice Center (Non-profit)
  70. People for the Ethical Treatment of Animals (PETA) (Non-profit)
  71. Planned Parenthood League of Massachusetts (Non-profit)
  72. Planned Parenthood of Minnesota, North Dakota, South Dakota (Non-profit)
  73. Planned Parenthood of Orange and San Bernardino Counties (Non-profit)
  74. Policy Matters Ohio (Non-profit)
  75. Political Research Associates (PRA) (Non-profit)
  76. Pollinator Partnership (Non-profit)
  77. Public Justice Foundation (Non-profit)
  78. Public Knowledge (Non-profit)
  79. Represent.US Education Fund (Non-profit)
  80. Resource Generation (Non-profit)
  81. Resources Legacy Fund (Non-profit)
  82. Rewire.News (formerly RH Reality Check) (Non-profit)
  83. Rocky Mountain Institute (Non-profit)
  84. Southern Poverty Law Center (SPLC) (Non-profit)
  85. State Innovation Exchange (SIX) (Non-profit)
  86. The GroundTruth Project (Non-profit)
  87. TSNE MissionWorks (Non-profit)
  88. Tides Foundation (Non-profit)
  89. Tobin Project (Non-profit)
  90. Urban Justice Center (Non-profit)
  91. V-Day (Non-profit)
  92. Violence Policy Center (VPC) (Non-profit)
  93. Voices for Illinois Children (Non-profit)
  94. Voter Registration Project (Non-profit)
  95. Voter Registration Project Education Fund (Non-profit)
  96. Washington State Budget and Policy Center (Non-profit)
  97. RePower Fund (Wellstone Action Fund) (Non-profit)
  98. Western Organization of Resource Councils Education Project (Non-profit)
  99. Windward Fund (Non-profit)
  100. Working Partnerships USA (Non-profit)
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Nonprofit Information

  • Accounting Period: June - May
  • Tax Exemption Received: May 1, 1991

    • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2017 Jun Form 990 $7,357,429,096 $3,834,825,046 $21,223,553,156 $97,958,710 Y $6,834,013,677 $0 $317,627,576 $0 PDF
    2016 Jun Form 990 $4,780,943,595 $3,273,269,905 $16,092,079,593 $76,255,585 Y $4,076,302,537 $0 $418,070,179 $0
    2015 Jun Form 990 $5,393,562,395 $2,904,271,461 $15,343,987,929 $87,603,360 Y $4,607,982,076 $0 $533,644,295 $0 PDF
    2014 Jun Form 990 $4,372,777,340 $2,259,456,041 $13,298,110,452 $92,887,114 Y $3,849,430,422 $0 $304,522,346 $0 PDF
    2013 Jun Form 990 $3,945,615 $1,835,912,221 $10,282,142,229 $29,358,518 Y $3,671,894 $0 $149,623 $0 PDF
    2012 Jun Form 990 $3,538,067,424 $1,310,388,395 $7,618,716,882 $29,231,747 Y $3,281,460,447 $0 $120,176,832 $0 PDF
    2011 Jun Form 990 $1,874,887,580 $1,275,762,649 $5,615,146,363 $46,995,989 Y $1,735,234,386 $0 $86,539,598 $0 PDF

    Additional Filings (PDFs)

    Map image for Fidelity Investments Charitable Gift Fund

    Fidelity Investments Charitable Gift Fund

    200 SEAPORT BLVD MAIL ZONE NCW4B
    BOSTON, MA 02210-0000