The Latest Charitable Giving Numbers

The annual Giving USA report has provided a comprehensive analysis of charitable giving in the United States for six decades. The report is helpful to philanthropists–like you or your clients–who want to understand the overall economic landscape impacting the charities they support. 

Released last month, June 2024, the Giving USA report for 2023 provides key insights into charitable giving, including several that your or your clients may find particularly interesting:

• Total charitable giving in the United States reached more than $557 billion in 2023. This is a new high in current dollars, up 1.9% from 2022. When adjusted for inflation, though, 2023 numbers represent a 2.1% decline.
• Individual giving is still the largest source of philanthropic dollars, totaling $374 billion in 2023 and representing 67% of all giving.
• Other major sources of giving include foundations ($104 billion), bequests ($43 billion), and corporations ($37 billion).
• Worth noting is that giving to human services charities grew by 1.7% (as adjusted for inflation) to $89 billion.

So, what does this mean? Here are three key takeaways for philanthropic donors:

• Your favorite charities continue to rely heavily on individual giving to fund operating budgets and carry out their missions. 
• Gifts of appreciated stock to a your fund at HCF continues to be an outstanding charitable giving and tax strategy. Indeed, the S&P 500’s growth in 2023 topped 24%, which certainly motivated a lot of the individual giving reported by Giving USA.
• Leaving a bequest to a fund at Hudson Community Foundation (HCF) is an excellent way to plan a future gift to charity and help ensure that overall giving remains strong. This is especially relevant as demographics continue to shift; currently, nearly 77 million Americans are 60 or older. Estate gifts make a lasting impact for a future gift and creates a charitable legacy. With HCF your charitable giving plan will be designed especially for you.

Here at Hudson Community Foundation, we know how important it is to focus on donor retention, personalized stewardship, and communicating the impact of donations to supporters. Please reach out to the team at HCF for ideas on how your or your clients can help the causes they care about. 

We welcome conversations to help donors give to their favorite causes. Hudson Community Foundation enables simple, smart, and meaningful family philanthropy. Although HCF is a public charity, it does not promote one charitable cause. Rather, HCF is committed to expanding the capacity of family philanthropy – no matter where you live.

 Read more about Donors Guide to Donor Advised Funds.

With a fund at Hudson Community Foundation (HCF), advisors can manage the charitable assets on their preferred platform at any amount. Assets stay under your management. You can provide your clients with the consistent investment advice they expect. We are your partner in charitable giving!

The team at HCF is a resource as you serve your philanthropic clients. We understand the charitable side and are happy to serve as a secondary source as you manage the primary relationship with your clients. This blog is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.