Tuesday, June 25, 2024
- Key findings from Giving USA 2024: The Annual Report on Philanthropy for the Year 2023, released today, report that individuals, bequests, foundations and corporations gave an estimated $557.16 billion to U.S. charities in 2023.
- Total giving grew 1.9% in current dollars, reaching a new high by that measure. Nevertheless, growth in total giving did not outpace the higher-than-average (4.1%) inflation rate: adjusted for inflation, giving declined by 2.1%. The increase in current dollars was buoyed by the stock market and GDP – both performed better than many economists initially expected in 2023.
- Total giving has not yet surpassed the all-time inflation-adjusted high set in 2021. Giving USA: The Annual Report on Philanthropy, the longest-running and most comprehensive report on the sources and uses of charitable giving in America, is published by Giving USA Foundation, a public service initiative of The Giving Institute. It is researched and written by the Indiana University Lilly Family School of Philanthropy at IU Indianapolis.
Why this Matters
- After a tumultuous 2022, total giving’s growth in 2023 may indicate positive signs in the nonprofit sector.
- Total giving remains above pre-pandemic levels, even when adjusted for inflation. The COVID-19 pandemic significantly disrupted nonprofits’ operations, complicating their ability to provide services, increasing demand and creating new types of constituent needs.
- “Americans increased their giving over the previous year despite the elevated cost of living and headlines warning of a possible recession in 2023,” said Josh Birkholz, Chair of Giving USA Foundation and CEO of BWF. “We’re not yet back to the highs of pandemic-era giving, but there are some signs of stability.”
- “Nonprofits have had to navigate many unpredictable developments in the last few years including a rare decline in total giving in 2022 and changes brought on by the pandemic. While the philanthropic landscape continues to evolve, it’s encouraging to see that giving continues to be resilient,” said Amir Pasic, Ph.D., the Eugene R. Tempel Dean of the Indiana University Lilly Family School of Philanthropy.
Measured in current dollars, giving grew in all nine categories of nonprofits that receive charitable contributions. In inflation-adjusted terms, seven of the nine subsectors saw growth. Giving to religion and international affairs both declined adjusted for inflation, at 1.0% and 1.6%, respectively.