Increase in Charitable Giving - 6/24/15
According to the Giving USA foundation, charitable giving in the US has surpassed pre-recession levels for the first time in seven years. Americans gave an estimated three hundred fifty eight billion dollars to charity last year, about forty seven billion dollars more than they supplied in two thousand and seven, the previous peak year for charitable giving in America. As reported by the New York Times, last year marked the fifth year of increased giving.
According to the chairman of the Giving USA foundation, charities had collectively not expected to reach pre-recession levels for a few more years, but U.S. household wealth has been climbing in recent years due in large measure to surging stock prices. Total giving in twenty fourteen was seven point one percent above what it was the year prior. Giving to religious organizations still comprises the largest percentage of all donations in the U.S. at about thirty two percent.
However, its dominant position in terms of giving has been in decline for roughly three decades. In nineteen eighty seven, charitable giving to religious organizations represented more than half of all donations. Donations have been growing more rapidly in categories like education, the environment and the arts.