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.
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.
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SOURCE The Giving Institute
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