Philanthropy is an act of generosity. An interaction between a donor and a cause, between a charity and the people it serves, and among all of them and the institutions that make giving possible. In Fiscal Year 2025, that donors made grants at a scale we have never seen before.
On behalf of our donors, NPT granted $6.44 billion to charitable organizations on behalf of its donors in FY25, a 17% increase over the prior year, and the result of more than 159,000 individual grants. And perhaps most importantly, 66% of all grants from NPT were made unrestricted to recipient nonprofits, reinforcing a relationship and connection of trust and confidence in the sector.
Those grants reached 47,676 organizations working in communities across the United States and in 58 countries around the world. Beyond the U.S. results reported here, our international affiliates — NPT UK and NPT Transatlantic — also saw record grantmaking values and volumes during this period, a further sign of how this movement is expanding around the world.
The stories behind those numbers show motivation and intention to act. NPT donors were there for neighbors recovering from disaster, for students who would not otherwise reach a classroom, for patients, for artists, for the natural world. They were there in moments of crisis and in the quiet, sustained work of building stronger communities.
The facts in the figures provided here measure scale. The human connection measures the meaning. Both insights matter deeply.
FY25 saw deliberate efforts to improve our customer experience and build our infrastructure to support the sector. As the largest independent sponsor of donor-advised funds, NPT occupies a position of responsibility as a go-to philanthropic steward, connecting donors with causes and organizations. Philanthropy is also increasingly intersecting with broader conversations around wealth planning, family governance, institutional strategy, and social impact. NPT’s role is to help donors and their advisors navigate that complexity while remaining steadfastly focused on our mission: increasing philanthropy in society.
As I reflect on this year, I am most struck by the intentionality of the people and nonprofit organizations we serve. Our donors are giving more, moving with flexibility, and granting with greater frequency to support needs both today and beyond the horizon. Our nonprofit grantees are funding their operations, innovations and major capital efforts that drive social impact. They are, together, redefining what modern philanthropy can be and inviting all of us to meet the moment.
Thank you for trusting NPT to be your partner on that journey.
Holly Welch Stubbing
President & CEO
Executive Summary
Since 1996, National Philanthropic Trust has helped individuals, families, foundations, corporations, family offices, and financial institutions reach their philanthropic goals and maximize their charitable giving. Today, we are the nation’s largest independent public charity that manages donor-advised funds (DAFs). NPT sits at the intersection of donors, advisors, institutions, and nonprofits. This unique vantage point provides insight into how philanthropy continues to evolve across generations, asset classes, and charitable priorities.
Our 2025 fiscal year, reflected in this report, began July 1, 2024, and ended June 30, 2025. FY25 was a year of historic generosity and continued evolution in donor activity.
- NPT granted $6.44 billion on behalf of donors in FY25, a 17% increase over the previous year
- 159,543 grants were processed, a 23% increase year over year and the most in NPT history
0 Dollars Granted Year Over Year
0 Grants Issued Year Over Year
- NPT donors supported 47,676 unique charitable organizations across the U.S. and in 58 countries worldwide
- 66% of all grants were unrestricted, highlighting a record level of trust in nonprofit leaders and missions
- $15.1 billion was contributed by NPT donors: every dollar bound for philanthropic purpose
- By the close of the reporting period, NPT held $56.4 billion in assets under management
Trends in Giving for FY25
FY25 unfolded against a backdrop of significant economic, geopolitical, and environmental events that shaped both charitable giving and the needs philanthropy sought to address.
Financial markets remained resilient through much of the year, supporting continued growth in charitable assets and creating new opportunities for philanthropic planning. At the same time, donors responded to major disasters and humanitarian challenges, including Hurricane Helene’s devastation across the southeastern United States, catastrophic wildfires in Southern California, and ongoing international relief and recovery efforts.
Grantmaking in FY25
Donors recommended 159,543 grants in FY25: 23% more than the year before and the most in NPT’s history, worth $6.44 billion in total, a 17% increase.
Grantmaking Value
After reaching $6.46 billion in FY21, annual grantmaking moderated through FY23 before climbing back to $6.44 billion in FY25. This 17% increase over the prior year effectively matches the FY21 high water mark.
Grant value moves with the rhythm of the markets, and the moments donors choose to give. The five-year arc is one of resilience: through changing economic conditions, NPT donors provided billions of dollars in charitable support every year, with FY25 returning grantmaking to the top of its five-year range.
Grantmaking Volume
Where dollar totals rose and fell, the number of grants told a steadier story. Donors recommended more grants in each of the past five years, climbing from 87,490 in FY21 to a record 159,543 in FY25: an 82% increase over the period, and 23% in the past year alone. More grants reaching more organizations, year after year, reflects deepening, year-round engagement and a widening base of donors putting their charitable capital to work.
That broadening is visible in the size of the typical grant, which has dropped slightly even as the number of grants has climbed.
AVERAGE GRANT SIZE • FY21 – FY25
Mean value per grant recommended ($ in thousands)
Average grant size, FY21 – FY25: the typical grant peaked near $74K in FY21 and settled around $40K in FY25 as participation widened.
Insights by Field of Interest
NPT donors gave across every field of interest in FY25, and the two views, dollars and number of grants, reveal different centers of gravity.
By number of grants, human services and religious organizations drew the most, together accounting for more than two of every five grants made. The contrast is the story: some fields are shaped by a few substantial commitments, others sustained by steady, high-frequency, everyday generosity.
GRANTMAKING VALUE BY FIELD OF INTEREST • FY21 – FY25
GRANTMAKING BY FIELD OF INTEREST • FY25 DETAIL
| Field of Interest | Grant Value | % Value | # Grants | % Vol. | Value YOY |
|---|---|---|---|---|---|
| Public & Societal Benefit | $2.15B | 33% | 16,255 | 10% | +22% |
| Education | $1.36B | 21% | 26,540 | 17% | +9% |
| Human Services | $0.95B | 15% | 36,090 | 23% | +9% |
| International | $0.55B | 9% | 6,537 | 4% | +8% |
| Health | $0.39B | 6% | 15,880 | 10% | +38% |
| Environment & Animals | $0.39B | 6% | 12,440 | 8% | +38% |
| Culture & Arts | $0.33B | 5% | 13,781 | 9% | +9% |
| Religion | $0.31B | 5% | 32,020 | 20% | +40% |
| TOTAL | $6.44B | 100% | 159,543 | 100% | +17% |
A Decade of Deepening Trust
The way donors structure their grants reflects deepening trust in the organizations they support. In FY25, 105,909 grants, or 66% of the total, were unrestricted, giving nonprofits the freedom to direct funds wherever the need is greatest. A decade ago, that share was just 13%. Unrestricted giving remains one of the clearest expressions of donor confidence, empowering nonprofit leaders to deploy resources where they can create the greatest impact.
Two-thirds of all grants are now unrestricted, up from 13% in FY15, giving nonprofit leaders discretion to direct funds where need is greatest.
Giving Beyond Borders
NPT donors extended their generosity across borders, recommending 528 international grants worth $310.0 million to 323 organizations in fifty-eight countries. The United Kingdom received the largest share of international value at $98.4 million, followed by the Netherlands, Israel, Singapore, and India.
TOP INTERNATIONAL DESTINATIONS BY GRANT VALUE • FY25
As philanthropy becomes increasingly global, donors continue seeking ways to support causes and communities beyond their home markets. NPT’s international grantmaking capabilities help facilitate that engagement while maintaining the due diligence and compliance standards.
Separately, our NPT UK and NPT Transatlantic affiliates — which enable tax-efficient, dual-qualified giving across the U.S. and U.K. — also reported record grantmaking in their own programs this year.
Note: This report reflects NPT’s U.S. donor-advised fund program only.
Grantmaking Impact Stories
Behind every figure in this report is a story of generosity put into action. Some reflect urgent needs met in moments of crisis. Others demonstrate long-term commitments to education, health, scientific research, environmental stewardship, and community development.
Together, these stories illustrate something larger than individual grants. They reflect the many ways philanthropy is evolving through innovative funding strategies, complex asset contributions, advisor-led planning, institutional partnerships, and the enduring commitment of donors to create meaningful impact.
Hurricane Helene
Disaster Relief & Recovery | Southeastern United States
When Hurricane Helene swept across the Southeast in September 2024, it left widespread destruction in its wake, damaging communities from Florida and Georgia through the Carolinas and into the mountains of Tennessee. Entire neighborhoods were leveled, infrastructure was destroyed, and thousands of families faced immediate recovery needs.
NPT donors responded quickly. In the first month following the storm, they recommended more than $1.4 million in grants to organizations providing emergency relief, recovery assistance, and long-term rebuilding support. Many of those grants were made without restrictions, allowing local organizations to direct resources where they were needed most.
As affected communities continue the long process of rebuilding, donor support demonstrates the key role philanthropy can play not only in responding to disasters, but in sustaining recovery long after headlines fade.
Sojourner Center
Human Services | Phoenix, Arizona
For survivors of domestic violence, access to safe housing can be the first step toward healing and stability. Sojourner Center, one of the nation’s largest domestic violence service providers, supports more than 1,000 survivors each year through emergency shelter, transitional housing, case management, legal services, and trauma-informed care.
Recognizing that recovery extends beyond immediate safety, the organization also operates a licensed Child Development Center serving children who have experienced or witnessed violence. Unique among many shelters, Sojourner Center also provides services that allow survivors to bring family pets with them, eliminating a barrier that often prevents people from seeking help.
A $1,000 grant recommended by an NPT donor helps support this comprehensive approach, providing survivors and their families with the resources needed to rebuild their lives.
Project HOME
Human Services | Philadelphia, Pennsylvania
Since 1989, Project HOME has worked to address homelessness in Philadelphia through a comprehensive model that combines housing, healthcare, education, and employment services. Guided by its belief that “none of us are home until all of us are home,” the organization seeks not only to provide shelter, but to create pathways toward long-term stability.
One example is the Gloria Casarez Residence, which offers affordable housing and supportive services for LGBTQ+ young adults experiencing homelessness. The residence provides a safe and affirming environment where residents can access resources, build community, and work toward greater independence.
A $25,000 grant recommended by an NPT donor helps extend these services to more young people seeking stability, opportunities, and a place to call home.
Junior Achievement of Kentuckiana
Education | Louisville, Kentucky & Southern Indiana
Junior Achievement of Kentuckiana helps young people develop practical skills in financial literacy, career readiness, and entrepreneurship through hands-on educational programs delivered in partnership with schools and community volunteers.
An unrestricted $250,000 grant recommended by an NPT donor helps expand access to these programs, equipping students with tools and experiences that can support future academic and professional success.
Seattle Youth Symphony Orchestra
Arts & Culture | Seattle, Washington
For more than 80 years, the Seattle Youth Symphony Orchestra has provided young musicians with opportunities to develop their talents through orchestral training, performances, and educational programming.
Serving more than 1,800 students annually, the organization works to ensure financial circumstances do not limit participation. A $3,500 grant recommended by an NPT donor helps support scholarships, educational programs, and access to high-quality music instruction.
Responding to the Los Angeles Wildfires
Disaster Relief & Recovery | Los Angeles, California
When devastating wildfires swept through the Los Angeles region in early 2025, NPT donors responded rapidly to support affected communities.
Together, they recommended more than $7 million in grants to organizations providing emergency assistance, recovery services, and rebuilding support for families displaced by the disaster.
Hanitrin'i Ranomafana (HIRA)
International | Madagascar
Hanitrin'i Ranomafana (HIRA) is a community-based nonprofit working to strengthen agricultural production, improve natural resource management, and support economic opportunity for rural communities in Madagascar.
A $5,000 recommended grant supports training programs, operational needs, and community development initiatives designed to help local farmers build more sustainable livelihoods.
Evanston Scholars
Education | Evanston, Illinois
Evanston Scholars helps first-generation college students from underserved communities prepare for higher education and persist through graduation by providing mentoring, academic support, and college success programming.
A $2,500 grant recommended by an NPT donor helps expand opportunities for students pursuing educational pathways that can transform their futures.
Children's National Medical Center
Health | Washington, D.C. Region
Children's National Medical Center provides specialized pediatric care, groundbreaking research, and innovative treatments for children and families throughout the Mid-Atlantic region.
A $25,000 grant recommended by an NPT donor supports the hospital's mission to advance children's health through exceptional care, medical innovation, and family-centered services.
DAF Accounts and Participation
NPT administered 20,561 DAF accounts at the close of FY25, up 15% in a single year and double the number five years ago. Those DAF accounts vary widely in size: the median held roughly $80,000 at year-end, while the average was far higher, at about $2.7 million. This variance reflects the manner in which DAFs serve first-time and emerging philanthropists and the world’s most substantial donors alike.
ACCOUNT ENGAGEMENT
| FY15 | FY20 | FY25 | |
|---|---|---|---|
| Active Accounts | 3,763 | 10,508 | 20,561 |
| Mean AUM | $0.65M | $1.03M | $2.70M |
| Median AUM | $57.5K | $65.1K | $79.7K |
The gap between the average account (about $2.7M) and the median (about $80K) reflects NPT’s breadth: first-time philanthropists and the world’s largest donors on one platform.
The continued growth of donor-advised funds reflects more than increasing adoption of a charitable vehicle. It reflects a broader shift toward philanthropy as an integrated component of financial planning, family engagement, and long-term legacy building.
Assets Under Management
CHARITABLE ASSETS UNDER MANAGEMENT • FY21 – FY25 ($B)
NPT’s assets under management reached $56.4 billion at the close of FY25, up 32% in a year and more than three times their level in FY21. That growth is the combined product of record contributions and resilient investment performance, all of it compounding tax-free for a single purpose: to be granted to charity.
The pattern holds across the five-year arc: as assets under management grew more than threefold, annual grant value returned to the top of its range and the number of grants reached an all-time high. A rising pool of charitable capital lifts giving across the board, turning today’s contributions and investment gains into tomorrow’s grants.
How Donors Fund Their Philanthropy
Increasingly, charitable planning conversations begin not with cash, but with the broader balance sheet. Appreciated securities, privately held business interests, alternative investments, and digital assets are becoming more common components of philanthropic strategies, particularly among high-net-worth families, entrepreneurs, and institutional donors.
The capital fueling this generosity is evolving. Donors made 48,076 contributions to their DAF accounts in FY25, a 20% increase in volume, even as total contributed value rose a steadier 4% to $15.1 billion. The more telling shift was in what donors gave: a broadening mix of cash and complex assets alongside the publicly traded securities that have long anchored DAF funding.
In FY25, publicly traded securities remained the single largest source of contributed value, though their role shifted markedly from the year before. In FY24, securities made up roughly three-quarters of all contributions by value; in FY25 that share fell to well under two-thirds as donors leaned into other assets, contributing about 70% more cash, more than four times the value in closely held securities, and nearly three times the value in partnership and LLC interests.
CONTRIBUTION VALUE BY ASSET TYPE • FY25
Market activity, generational asset movements, and overall increase in DAF activity among wealth and estate planning may explain both what donors give and when they give it: donors often contribute appreciated publicly traded securities when markets are strong, capturing the full charitable value of those gains, and turn to cash or privately held assets when public markets are more volatile or when a liquidity event — such as the sale of a business, or an estate and legacy planning decision tied to the generational transfer of wealth — makes another asset the natural one to give. Of note in the FY25 figures is the growth of the “Other” category, which includes $91M in contributions of digital currencies. NPT’s ability to accept, value, and liquidate complex and non-marketable assets, from privately and closely held business interests to partnership and LLC stakes, digital currencies, and rare tangible assets, gives donors the ability to convert the full breadth of their balance sheets into charitable impact.
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Modernizing Philanthropy
The generosity reflected throughout this report is built upon nearly three decades of trust. As we approach our 30th anniversary, sustaining that reputation requires continual investment to earn that trust from future generations of donors, advisors, and nonprofit partners.
Philanthropy is becoming more interconnected, more global, and more integrated into broader financial and family decision-making than ever before. Donors expect seamless experiences. Advisors seek sophisticated charitable solutions. Nonprofits increasingly value transparency, insight, and partnership.
NPT is evolving alongside those expectations. We see the shift underway, in our donors and across the field, and we recognize the patterns behind it: the pace of change is accelerating, and it is incumbent on us to respond in equal measures. We will not rest on what we have built. The depth of our experience is exactly what allows us to meet this moment as we pair insight and expertise with new technology and innovative approaches.
At the same time, we are leveraging one of the sector’s most unique perspectives on giving. Through billions of dollars in charitable activity and relationships spanning donors, advisors, and nonprofits worldwide, NPT has an opportunity to generate insights that help philanthropy become more effective, accessible, and impactful.
Consolidated Financial Statements
Leadership
Board of Trustees (at time of publication)
Linda K. Myers – CHAIR
Jeffrey Armbrister
Lindy Benton-Moreno
Joram Borenstein
Peter M. Carlson
Connie Collingsworth
Ann Dugan
Julius Green, CPA, JD
Stephen Hopkins
Lisa Pattis
Eric Reeves
Diana L. Sands
Holly Welch Stubbing
Manish Shah
Warren Thaler
Tamara Watts
David Wezdenko
Suzanne Yoon
NPT Leadership Team (at time of publication)
Holly Welch Stubbing – President and Chief Executive Officer
Christopher Adams – Chief Information Officer
Christopher Blume – Chief Operating Officer
Patty Boutiette – Senior Vice President, Relationship Management
Tom Brilli – Chief Product Officer
Lindsay Burns – Philanthropic Consulting Executive
Kishor Daga – Vice President, Financial Reporting
Linda Deasy – Vice President, Operations Transformation
Jay Donato – Senior Vice President of Investments
Catherine Crystal Foster – Senior Vice President, Philanthropic Advising
Joseph Gajewski – Executive, Family Office and Private Client Relationships
Katie Galeone – Senior Vice President of Enterprise Compliance
Oren Gershon – Senior Vice President, Project Management Office
Jeff Gerold – Senior Vice President, Enterprise Development
Christina Hack – Chief Financial Officer and Treasurer
Andrew W. Hastings – Executive, Family Office and Private Client Development
Jerel Hopkins – General Counsel
Ed Hsieh – Senior Vice President, Experience, Design and CRM
Ken Lubiski – Senior Vice President, Architecture
Alicia McIlhinney – Senior Vice President, Marketing
Elizabeth Monahan – Chief Human Resources Officer
Jenna Mulhall-Brereton – Chief Philanthropy Officer
Gil A. Nusbaum – Chief Administrative and Legal Officer
Scott Polter – Vice President, Operations
Matthew B. Rovi – Chief Growth Officer
Andrea Rush – Senior Vice President, Philanthropic Solutions
Mark Russell – Senior Vice President, Communications
Jeremy Schwartz – Vice President, Finance
Joel Vivian – Vice President, Client Service Operations
Eric Ziegler – Chief Technology Officer
Methodology
The data and insights in this report are drawn from a comprehensive analysis of activity across NPT’s donor-advised fund program for Fiscal Year 2025 (July 1, 2024–June 30, 2025), with multi-year comparisons to prior fiscal years. Figures are consolidated across NPT and its Supporting Organizations and are sourced from internal transactional and administrative records. Figures reflect NPT’s U.S. donor-advised fund program; grantmaking and contribution values and volumes for NPT UK and NPT Transatlantic are not included in this report.
Where helpful, NPT’s trends are set against external benchmarks and sector data, including Giving USA, the NPT DAF Report (2006-2024), and the Donor Advised Fund Research Collaborative DAF Report (2025).
All data are aggregated and anonymized; no individually identifiable donor information is disclosed. These figures reflect NPT’s program specifically and may differ from the broader DAF field and year-to-year shifts in investment markets and tax policy can also influence the trends shown.
NPT is not affiliated with any of the organizations described herein, and the inclusion of any organization in this material should not be considered an endorsement by NPT of such organization, or its services or products.
The photograph from Project HOME is courtesy Jay Gorodetzer Photography. All other photographs appear courtesy of the respective highlighted organizations.