Many fundraisers say they still can’t raise as much as they did before the economy soured in 2008. Particularly difficult to come by, they say, are gifts from affluent donors.
We’ve all been affected by the financial crisis surrounding the recession. With less money coming in during these tight financial times, there is less available to spend …and also less to give to those who are in need.
The Chronicle of Philanthropy offered some quantifiable perspective on the crisis in the non-profit sector over these past three years in an article titled, “Giving by the Rich Dropped $30-Billion During Recession.” Indeed, from 2007 to 2009 charitable giving dropped by some $31 billion amongst those with incomes of $200,000 or more according to recent data from the IRS. If you move to the other end and count individuals earning $100,000 or less annually, the charity deficit runs up another $4 billion or so.
Keep in mind, since these are IRS numbers, this only reflects actual charitable contributions for which deductions were taken. Ultimately, these numbers will be seen and felt by the non-profit sector, to include your favorite charities and those they serve.
As we approach the end of the year and the season of giving, have you made plans for your charitable gifts this year?
You can learn more about charitable planning on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.
Reference: The Chronicle of Philanthropy (August 29, 2012) “Giving by the Rich Dropped $30-Billion During Recession”