Charitable Gifts to Drop 9% in 2009
Charitable donations to major nonprofit group are expected to decline 9% this year-the steepest drop since the publication started keeping tabs on giving 17 years ago.
The Chronicle of Philanthropy said giving to the 400 largest nonprofit group-–including prominent universities, hospitals, and foundations-actually rose 1% in 2008. But because of the lag-time involved in charitable gifts, the brunt of the global financial crisis will be felt this year. It said 2010 may also be lean.
"These are the most successful charities," said Stacy Palmer, editor of the Chronicle of Philanthropy. "If they are going to see a decline of 9%, the smaller, scrappier charities that don't have all that going for them are going to be having a much harder time."
She added that "It's going to be at least two more years until there's real recovery" in the sector, she said.
That sounds about right. Unless, of course, the stock market continues to soar. Or the expected changes in charitable tax deductions result a surge in gifts now by wealthy hoping to get as much credit as possible for gifts. But for now, charitable giving is likely to suffer from the same problems as the luxury business-too much uncertainty, and too much lost wealth among the wealthy.
The Chronicle of Philanthropy said giving to the 400 largest nonprofit group-–including prominent universities, hospitals, and foundations-actually rose 1% in 2008. But because of the lag-time involved in charitable gifts, the brunt of the global financial crisis will be felt this year. It said 2010 may also be lean.
"These are the most successful charities," said Stacy Palmer, editor of the Chronicle of Philanthropy. "If they are going to see a decline of 9%, the smaller, scrappier charities that don't have all that going for them are going to be having a much harder time."
She added that "It's going to be at least two more years until there's real recovery" in the sector, she said.
That sounds about right. Unless, of course, the stock market continues to soar. Or the expected changes in charitable tax deductions result a surge in gifts now by wealthy hoping to get as much credit as possible for gifts. But for now, charitable giving is likely to suffer from the same problems as the luxury business-too much uncertainty, and too much lost wealth among the wealthy.
http://blogs.wsj.com/wealth/2009/10/27/charitable-gifts-to-drop-9-in-2009/
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