 Charity donations top $300b in 2007
(China Daily)
Updated: 2008-06-24 07:45 Americans donated a record $306 billion to charity in 2007, their generosity encouraged by a strong stock market in the first half of the year, according to a report on philanthropy released yesterday. "A strong start to the economy in 2007 helped lift giving despite worries at year's end from gasoline prices or the housing and mortgage crises," said George Ruotolo of charity consultant Giving USA. This year's uncertain economy may not bode well for charitable giving in 2008. "Charities we surveyed have concerns about 2008 for the economy and the stock market and the impact they will have on giving," said Del Martin, head of a foundation operated by Giving USA. The estimate of philanthropic largess is compiled by Indiana University's Center on Philanthropy from sources including charities, tax data and economic indicators. Total giving exceeded $300 billion for the first time and was nearly 4 percent more than in 2006, or 1 percent more when adjusted for inflation, according to the report. Just over half the $229 billion given by individuals in 2007 came from households earning in the top 10 percent of US incomes. The amount given by individuals rose 3 percent compared to 2006, but edged downward when adjusted for inflation. In most years, some two-thirds of Americans donate to charity. The second-leading source of donations were foundation grants at $38.5 billion. Other sources were $23 billion from bequests and $15.7 billion from corporations, which was down by an inflation-adjusted 1 percent from 2006. The biggest recipients included: Religious congregations, which received gifts of $102.3 billion, one-third of the total and up an inflation-adjusted 2 percent from 2006. Educational organizations got $43.3 billion, up 3 percent. Charities like the United Way that provide services to individuals received $29.6 billion, up 3 percent. Foundations got $27.7 billion, up 12 percent. Health organizations got $23.2 billion, up 2 percent. Arts and culture groups got $13.7 billion, up nearly 5 percent. Environmental or animal welfare groups received $7 billion, up 8 percent. Agencies (China Daily 06/24/2008 page11) |
