Since 2020, we have tracked the money cycling between donor-advised fund sponsors. We found $23.5 billion over the five years from 2020 to 2024, and $7.5 billion in 2024 alone — all of which counts, technically, as grants made to charity. Donor-advised funds, or DAFs, are financial accounts managed by charities. When a charity manages a DAF, it is called a DAF sponsor. Donors can put money into DAFs and take a tax deduction immediately, because they’re technically giving to a charity (the sponsor).