Through the Giving Institute, The Giving USA Foundation, in partnership with the
Indiana University Lilly Family School
of Philanthropy, today released its longest-running, most
comprehensive report on philanthropy in the United States, Giving
USA: The Annual Report on
Philanthropy.
CHICAGO, June 26,
2024 /PRNewswire-PRWeb/ -- Through the Giving
Institute, The Giving USA
Foundation, in partnership with the Indiana
University Lilly Family School of Philanthropy, today
released its longest-running, most comprehensive report on
philanthropy in the United States, Giving USA: The Annual Report on Philanthropy.
"We are excited to see an increase in
giving in 2023, signaling a promising outlook for philanthropy
moving forward." states Kate
Roosevelt, Campbell & Company's Co-President.
According to the latest Annual Report, U.S. charitable giving
totaled $557.16 billion, a 1.9
percent increase in current dollars from 2022. Elevated giving in
2023 was driven in part by growth in the stock market and GDP, both
of which support giving by corporations, foundations, and
individuals. The S&P 500 grew 24.2% (19.3% adjusted for
inflation) and GDP grew 6.3% (2.1% adjusted for inflation). Growth
in personal income and consumer spending also lifted giving by
individuals. Personal income grew by 5.2% (1.0% adjusted for
inflation) while consumer spending grew by 6.0% (1.9% adjusted for
inflation).
"We are excited to see an increase in giving in 2023, signaling
a promising outlook for philanthropy moving forward." states
Kate Roosevelt, Campbell &
Company's Co-President.
Here are the key findings to note:
Overall performance was better than many economists initially
expected, with total charitable giving remaining above pre-pandemic
levels and setting a record high when measured in current dollars.
Linked to positive economic factors, giving reached 557.16 billion dollars in 2023, due in part to an
increase in GDP, S&P 500, and disposable personal income, even
when adjusted for inflation.
Sources of giving had mixed results. While all four sources grew
in current dollars, they declined when adjusted for the
higher-than-average inflation rate of 4.1%. Individual giving has
been steadily decreasing, making up 67% of total giving, while
foundations grew to 19% of giving, corporations grew to 7%, and
bequests grew to 8%. Despite inflation, corporations and
foundations have seen positive two-year growth while bequests
continue to be more volatile.
Individual giving reflected uneven economic conditions, with
positive 1.6% growth measured in current dollars, but negative 2.4%
decline when adjusted for inflation. After a challenging year in
2022, economic factors influencing individual giving performed well
in 2023. Disposable income grew 8.1%, S&P 500 grew 24.2%, and
consumer spending grew 6%. Still, these economic factors have not
yet met their record highs in 2021 when adjusted for inflation.
Giving by foundations surpassed the $100
billion mark for the second consecutive year, reaching its
second-highest inflation-adjusted level on record, driven by gains
in the stock market. Bequests are increasingly significant in
charitable giving and are expected to continue growing, reflecting
the rising wealth among older individuals.
Most subsectors saw an increase in giving in current dollars,
including human services, healthcare, education, environment, and
arts & culture, while religion and international affairs
declined when adjusted for inflation.
Optimistically, the nonprofit sector must continue to make the
case for its vital work and the widespread philanthropy that has
historically upheld it. This involves embracing and maximizing a
multi-channel strategy that acknowledges and accommodates the
various ways donors can engage with organizations all while
recognizing the significance of their support to organizations and
their missions.
Campbell & Company is proud to share Giving USA's findings and contribute to advancing the
nonprofit sector. The firm's Strategic Information Services' Senior
Counsel Carrie Dahlquist and
Co-President Kate Roosevelt will
moderate a panel discussion with industry experts from the
nonprofit sector at the Giving USA
2024: A Forum on Philanthropy, national webinar on June 26th at 10:00 a.m.
PST / 12:00 p.m. CST /
1:00 p.m. EST. Visit
campbellcompany.com/giving-usa-2024/.
The Giving USA: Annual Report
on Philanthropy is now available. Visit givingusa.org to purchase
your annual subscription today.
About Campbell & Company
Campbell & Company is a national consulting firm that
supports nonprofit organizations in creating greater impact
through fundraising, executive
search, communications, and strategic information services. Since
1976, Campbell & Company has helped over 2,500 clients grow
their fundraising results through an integrated approach. In
addition, our award-winning executive search team brings a record
of success in placing exceptional leaders across the nonprofit
sector. Underlying all our work is a shared focus on the Campbell
& Company mission: to advance the life-changing work of
mission-driven organizations.
Visit us at www.campbellcompany.com and connect with us on
LinkedIn, Twitter, Facebook, and Instagram.
About the Giving Institute
The Giving Institute consists of member organizations that have
embraced and embodied the core values of ethics, excellence, and
leadership in advancing philanthropy. Serving clients of every size
and purpose, from local institutions to international
organizations, The Giving Institute member organizations embrace
the highest ethical standards and maintain a strict code of fair
practices. The Giving Institute is also the parent organization of
the Giving USA Foundation™, which
endeavors to advance philanthropy through research and education
and produces the annual report on charitable giving in the United
States, Giving USA: The Annual
Report on Philanthropy.
For media inquiries, please contact Lola Banjo, Director of
Marketing, at lola.banjo@campbellcompany.com or call
312.896.8893.
Media Contact
Lola Banjo, Campbell & Company, 1 8779570000,
lola.banjo@campbellcompany.com,
https://www.campbellcompany.com/
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SOURCE The Giving Institute