U.S. charitable giving totaled over $550 billion in 2023
By Dave McGowan
Giving USA 2024: The Annual Report on Philanthropy for 2023, released in June, reported that an estimated $557.16 billion was donated by all sources last year. Giving USA Foundation, a public service initiative of The Giving Institute, publishes the Report. It is researched and written by the Indiana University Lilly Family School of Philanthropy.
Buoyed by the stock market and GDP, total giving grew 1.9% in current dollars but did not outpace inflation, causing an inflation-adjusted deficit of 2.1%. Total giving has not yet surpassed the all-time inflation-adjusted high set in 2021 but remains above pre-pandemic levels, even when adjusted for inflation.
The not-for-profits at the top of the list for capturing last year’s generosity include Arts, Culture and Humanities, Education, and Public Society Benefit organizations.
The highest percent increase in giving was in the “Bequests” cat-egory, which posted a 4.8% increase. This is not surprising considering the data I presented on the Transfer of Wealth in the last edition. Bequests and outright gifts from individuals accounted for 75% of giving, with gifts by corporations and foundations accounting for the balance.
Gifts to and grants from donor-advised funds are among the fastest growing. Your local community foundation, the DuPage Foundation, hosts nearly 150 such funds, including one my wife and I started in 2022 when I retired from the Foundation. We have included our family donor-advised fund in our estate plan to encourage our children and grandchildren to get involved. I encourage you to explore your family’s potential to make a difference through giving and volunteering.
About the Author: Dave McGowan has been a Chicago-area not-for-profit executive since November 1981. He is a certified fund-raising executive who retired from DuPage Foundation after 25 years in December 2022 before starting a consulting practice serving donors, their advisors, and the not-for-profits they support. For more information on the topics covered, reach out to [email protected].
