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Charitable giving in US tops $400 billion for first time
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BurfordTJustice
2018-06-12 20:32:14 UTC
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Come on UK show the Yanks you can do more!!



Charitable giving in US tops $400 billion for first time



NEW YORK (AP) - Fueled by a surging stock market and huge gifts from
billionaires, charitable giving in the United States in 2017 topped the $400
billion mark for the first time, according to the latest comprehensive
report on Americans' giving patterns.

The Giving USA report, released Tuesday, said giving from individuals,
estates, foundations and corporations reached an estimated $410 billion in
2017 - more than the gross domestic product of countries such as Israel and
Ireland. The total was up 5.2 percent in current dollars (3 percent adjusted
for inflation) from the estimate of $389.64 billion for 2016.

"Americans' record-breaking charitable giving in 2017 demonstrates that even
in divisive times our commitment to philanthropy is solid," said Aggie
Sweeney, chair of Giving USA Foundation, which publishes the annual report.
It is researched and written by the Indiana University Lilly Family School
of Philanthropy.

Giving increased to eight of the nine charitable sectors identified by
Giving USA. The only decline was for areas related to international affairs.

The biggest increase was in giving to foundations - up 15.5 percent. That
surge was driven by large gifts from major philanthropists to their own
foundations - including $1 billion from Dell Technologies CEO Michael Dell
and his wife, Susan, and $2 billion from Facebook CEO Mark Zuckerberg and
his wife, Priscilla Chan.

Other sectors with increases of more than 6 percent included education,
health, arts and culture, environment and animal welfare, and public-society
benefit organizations - groups which work on such issues as voter education,
civil rights, civil liberties and consumer rights.

Despite the record-setting total, Americans' level of generosity is no
higher than it was decades ago. For 2017, giving by individuals represented
2 percent of total disposable income - down from 2.4 percent in 2000 and the
same as the rate in 1978. Similarly, total charitable donations have hovered
around 2 percent of the gross domestic product for many years; for 2017,
that figure was 2.1 percent.

Una Osili, a dean and economics professor at the Lilly Family School of
Philanthropy, says the school's research shows that the percentage of U.S.
households making charitable donations has declined steadily in recent
years, from about 67 percent in 2000 to 56.6 percent in 2015 - the latest
year for which data is available.

She said giving rates for lower- and middle-class families had dropped
significantly since the 2008 recession, while the giving rate for the
wealthiest 20 percent of households was relatively steady.

Stacy Palmer, editor of the Chronicle of Philanthropy, said many fundraisers
in the U.S. - while pleased with the recent increase in gifts - are unsure
what lies ahead.

If trade wars break out, she said, that could weaken the economy to the
point at which it deters some donors. She said fundraisers also worry that
some middle-class donors may cut back on giving if changes in the new tax
law no longer give them a deduction for their charitable donations.

Alluding to the surge of mega-gifts by the wealthy, Palmer added, "Some
people feel they don't need to give any more."
p-0''0-h the cat (coder)
2018-06-12 20:50:52 UTC
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On Tue, 12 Jun 2018 16:32:14 -0400, "BurfordTJustice"
Post by BurfordTJustice
Come on UK show the Yanks you can do more!!
We always have. Another myth from the Yanks.

Sent from my iFurryUnderbelly.
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p-0.0-h the cat

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