On February 18, 2026, Chariot’s Head of Strategy Mitch Stein sat down with Rachel Sumsion, Principal Investigator at the DAF Research Collaborative (DAFRC), to break down the latest DAF research landscape and the key themes shaping donor-advised fund fundraising in 2026. Here’s everything we covered.

The DAF Research Landscape: More Data Than Ever

There’s been more DAF research published in the last two years than ever before. But if you’re a nonprofit professional, it can be hard to know where to start. Rachel walked us through how the DAFRC approaches its work — and how all of these studies fit together.

The DAFRC, founded in 2018 by Dr. Dan Heist at Brigham Young University and Dr. Danielle Vance-McMullen at DePaul University, exists to conduct empirical research that advances the public understanding of DAFs — and to make that research accessible, not just to academics, but to fundraisers, DAF sponsors, and anyone working in philanthropy.

DAFRC Reports

• DAFRC Annual DAF Report — The macro-level view of DAFs in America. Built on IRS Form 990 data from 1,485 DAF sponsors, it covers total accounts (3.56M), contributions ($89.6B), grants ($64.9B), assets ($326B), and payout rates.
• National Survey on DAF Managers — Survey data from 128 DAF sponsor managers nationwide on policies, practices, donor engagement, and how DAFs fit into their organizations.
• DAF Donor Study — Data from over 2,100 DAF donors on demographics, giving strategies, motivations, and how they actually use their DAFs.
• 2024 National Study on DAFs — Transaction-level data from 111 DAF providers covering 57,000+ accounts across 9 years — the most granular look at how DAFs actually operate at the account level.
• Reinventing the Cycle — In-depth interviews with 46 professional fundraisers about the real challenges and opportunities of working with DAF donors.

Individual DAF Provider Reports

Beyond the independent research, several DAF providers publish their own reports. As Rachel noted, these are valuable but represent only one part of a much larger picture — they focus on a single provider’s data and are often designed to highlight organizational achievements.

• Fidelity Charitable — Annual giving report. 2025 snapshot: $18.3B in grants (+23% YoY), 395K donors, 3M grants recommended.
• DAFgiving360 — CY2025: $9.9B in grants (+28% YoY), 1.5M grants recommended, median grant size of $500.
• Vanguard Charitable — 2024: $3.1B to 62.6K nonprofits (+20% YoY).
• Daffy — 2025: $470M set aside for charity (2.2x prior year), $125M grant volume (3.2x YoY), 16K+ accounts. Now a top 10 DAF provider.
• Charityvest — $265.5M in contributions (+167% YoY), $119.2M in grants (+128% YoY), 118% payout rate.

Chariot has analyzed these reports and you can read our key takeways for fundraisers in our blog articles below.

The DAF Fundraising Report

The DAF Fundraising Report is unique because it’s built on nonprofits’ actual historical giving data — not survey responses or provider filings.

Produced by Chariot and K2D Strategies, now in its third year, this report captures real donor behavior changes, retention patterns, and revenue trends at the organizational level — things no other study can show.

9 Key DAF Themes for 2026

1. Scale

DAFs now represent a massive — and growing — share of American philanthropy.

• $65 billion in grantmaking in FY 2024
• $90 billion in total contributions to DAFs
• DAF giving now makes up approximately 15% of total giving and 23% of individual giving in the U.S.
• $326 billion in total charitable assets held in DAFs

As an organization, you should prioritize proper data hygiene with DAF gifts so you can track how your organization is performing against the broader market. If you're not tagging and segmenting DAF revenue in your CRM today, you're flying blind on one of the fastest-growing segments of philanthropy.

2. Growth

It’s not just that the DAF market is large — it’s the fastest-growing segment of philanthropy, and major providers are already sharing accelerating grantmaking from their 2025 financial results:

• Fidelity Charitable: $18.3B granted (+23% YoY)
• DAFgiving360: $9.9B granted (+28% YoY) — 4th consecutive year of double-digit growth
• Daffy: $125M granted (3.2x YoY)
• Charityvest: $119.2M granted (2.3x YoY)

As Rachel noted, DAFs are becoming more popular every day — and not just for traditional philanthropists. Workplace giving platforms are increasingly using DAFs as their charitable giving vehicle, meaning some employees may have a DAF without even realizing it.

If your organization doesn't yet have a clear plan for accepting and stewarding DAF gifts, now is the time. The growth trajectory isn't slowing down, and the nonprofits that build DAF-friendly infrastructure today will be best positioned to capture this accelerating wave of generosity.

3. Anonymity: Debunking the Myth

This was one of the most discussed topics of the webinar. Fundraisers often assume the vast majority of DAF gifts arrive anonymously — but the data tells a very different story.

Key findings on anonymity:

• Less than 4% of all DAF grants were fully anonymous (2024 National Study on DAFs)
• Of donors who make partially anonymous grants, 79% said they could easily be identified from the name of their DAF account (DAF Donor Survey)
• Only 36% of DAF sponsors default to sharing full contact info when donors recommend grants — about the same number (35%) default to just the DAF account name (DAF Manager Survey)
• The top reason donors choose anonymity is to avoid public recognition (72%) — pointing to an important distinction between anonymity and confidentiality

There’s a real opportunity here for nonprofits: if you’re reminding donors to share their contact information in your appeals, you can significantly reduce the number of “anonymous” gifts you receive.

And if your organization is using DAFpay, then you will know the donors’ names and emails right when they recommend their grant so you can reach out to thank them immediately. Check if your fundraising platform is using DAFpay.

Finally, remember to review your gift processing workflows and make sure your gift entry team has clear business rules for DAF gifts. Include the fund name, and create a new donor record even when full contact information isn't available — too often, partially identified DAF gifts get lumped into an "anonymous" file by default, which inflates your anonymous numbers and means donors who wanted to hear from you never do.

4. Impact on Generosity

This is what Mitch called “the many-billion-dollar question” — does having a DAF actually lead to more giving? Multiple data sources point to yes.

• 10x average increase in annual gift size when donors switch from non-DAF to DAF giving; 2x median increase (DAF Fundraising Report)
• 3x average increase in giving level since members opened their Daffy account (Daffy)
• 73% of DAFgiving360 donors report giving more because of their DAF
• 93% of DAF donors surveyed reported giving the same amount or more since opening their DAF (DAFRC DAF Donor Survey)

Why? As Rachel explained, DAF funds are earmarked for charitable purposes — the money has to go to a charity at some point. That fundamental feature of the vehicle appears to drive increased generosity.

Our takeaway is that nonprofits should make it as easy as possible for existing donors to give via DAF. Whether that's adding a DAF option to your online giving forms, creating a dedicated DAF giving page, or integrating a tool like DAFpay — removing friction at the point of giving is how you unlock that multiplier effect.

5. Payout Rate

Payout rate — the percentage of DAF assets granted out each year — is one of the most debated and misunderstood metrics in philanthropy. Rachel provided important context on how to interpret it:

• The DAFRC Annual Report found a 25.3% payout rate — more than 3x the payout rate of private foundations (8.1%)
• However, how you calculate payout rate matters enormously — and there are several valid ways to do it. The latest edition of the DAFRC Annual Report breaks down these different calculation methods and shows how payout rates vary significantly across different types of DAF sponsors.
• 54% of DAFs granted out more than 50% of their original contributions within 3 years (2024 National Study)
• Newer providers like Daffy report a 55% annual payout rate, and Charityvest reports 118%

DAFs are designed for a different philanthropic purpose than private foundations. Even though DAFs don’t have a federally mandated annual minimum payout rate, the provider’s internal policies and functionality of the vehicle have proven to make it significantly more effective at moving committed charitable dollars out as grants than private foundations (the most common alternative).

Rather than worrying about whether donors are "sitting on" their DAF funds, focus your energy on making your organization an easy and compelling destination for those grants.

6. Donor Profile

Who is the typical DAF donor? The research gives us interesting insight, but but may not be universal. DAFRC’s study, for example, relied heavily on data from community foundations. This is an important distinction to understand as different DAF sponsors may have different donor bases that are constantly evolving.

• Average age: 67 (DAF Donor Survey)
• 50/50 male/female split
• 92% white
• 96% reported net worth over $1 million
• 49% of DAF accounts had under $50K in assets — DAFs are not exclusively a major-gift vehicle (2024 National Study)
• Two-thirds of DAF accounts are managed by more than one person — typically couples or families

From the Reinventing the Cycle study, Rachel highlighted three important reminders for fundraisers:

• Remember the individual donor behind the DAF grant. Fundraisers sometimes mistakenly thank the DAF sponsor instead of the donor.
• A DAF signals philanthropic intent and financial capacity. Funds in DAFs are earmarked for charity — that’s valuable information for prospect research.
• DAF donors use their accounts differently. Some “fill and drain” regularly, some distribute larger sums over time, and some treat their DAF like an endowed account. Understanding a donor’s approach is key.

Use this data to inform your prospect research and segmentation. If you know a donor has a DAF, that's a signal of both philanthropic intent and financial capacity — treat it as a qualification indicator and steward accordingly.

7. When DAF Donors Don’t Use Their DAF

It’s important to remember that most DAF donors give through multiple channels — not just their DAF.

• 88% of DAF donors also give directly to charities (DAF Donor Survey)
• Donors are more likely to use their DAF for recurring or large gifts (over $10,000) and more likely to give directly for small or spontaneous gifts (under $100), at fundraising events, or during crisis giving
• About two-thirds (63%) of DAF holders report that half or more of their giving flows through their DAF
• DAFpay (Chariot’s DAF payment option at checkout in donation forms) stats show: $1,200 average gift, $300 median — most popular in online checkout forms and time-bound campaigns like peer-to-peer fundraising and giving days

This is exactly why it's important to make it easy for donors to use their DAF with your organization. When you do, you not only increase the likelihood of a larger gift, but you also identify who your DAF donors are, which lets you steward them more effectively over time.

8. Financial Strategy: Non-Cash Assets, Advisors & Workplace Giving

DAFs are deeply intertwined with donors’ broader financial planning:

• 74% of contributions to DAFgiving360 were non-cash assets — stocks, real estate, or crypto
• 61% of Fidelity Charitable contributions were publicly traded securities
• 77% of assets at DAFgiving360 were associated with a financial advisor
• Newer providers like Daffy and Groundswell are making DAFs accessible through workplace giving programs, creating a new pathway for employees to give through DAFs

Build relationships with financial advisors who serve your donor base. If you have advisors on your board or among your supporters, engage them as partners — consider hosting a teach-in or lunch-and-learn to get them more familiar with your organization and its mission. They can be a direct channel to donors who are actively planning their charitable giving through DAFs and non-cash assets.

9. Democratization: DAFs Aren’t Just for the Ultra-Wealthy

One of the most important shifts: DAFs are being used by a much broader donor base than most nonprofits assume.

• 69% of DAF donations are under $1,000 (DAF Fundraising Report)
• The fastest-growing segments of DAF usage are gifts under $100 and gifts over $25K — and every size bucket in between is growing too
• Median grant size: $500 at DAFgiving360, $100 at Daffy
• 49% of DAF accounts have under $50K in assets (2024 National Study)
• 1 in 4 DAFs were opened after 2020

DAFs are not just a major gift vehicle. They’re being used across the full giving spectrum — and that’s only accelerating.

Don't limit your DAF strategy to major gifts and planned giving. Make DAF giving visible and accessible across all giving levels — in your online forms, peer-to-peer campaigns, giving days, and annual appeals. Make sure your whole team is educated on DAFs, not just the major gift officers. The data shows donors want to use their DAF whenever they can, so meet them where they are.

The Bottom Line: Educate Outward and Inward

• DAFs are nothing to be afraid of — and donors who learn about them and their benefits through your organization tend to respond positively. Including DAF education in your communications positions you as a helpful partner in their giving journey, not just a recipient.
• Share these resources internally, make sure staff across every function have the latest information, and address any wariness about DAFs head-on. The more your entire organization understands DAFs, the better equipped you'll be to capture this growing segment of philanthropy.

Which Reports Should You Read First?

Feeling overwhelmed? We asked Rachel what she’d recommend based on your role:

For Nonprofit Fundraisers:

• DAF Fundraising Report — for benchmarking your own DAF revenue
• DAFRC DAF Donor Study — to better understand the donors behind the grants
• Reinventing the Cycle — for practical guidance on adapting your fundraising approach

For Gift Processing & Operations Teams:

• DAFRC Annual DAF Report — understanding scale and growth
• DAFgiving360 Report — recurring giving patterns and platform behavior
• DAF Fundraising Report — operational benchmarks

For Nonprofit Leadership & Board:

• DAFRC Annual DAF Report — making the case for organizational investment in DAF strategy
• DAFRC DAF Donor Study — understanding the donor opportunity

For DAF Providers & Grantmakers:

• DAFRC Annual DAF Report — benchmarking against peers
• National Survey on DAF Managers — best practices from other providers

Stay Connected

• Follow Chariot on LinkedIn and subscribe to our newsletter.
• Follow the DAF Research Collaborative and Rachel Sumsion on LinkedIn.