What You Need to Know
- The pandemic, economic crisis and racial justice efforts spurred widespread need, Giving USA Foundation's chair said.
- Charitable giving grew from three of the four sources of giving in 2020, the report found.
- The stock market turnaround in the last months of the year increased contributions.
Individuals, bequests, foundations and corporations gave an estimated $471.4 billion to U.S. charities in 2020, Giving USA Foundation reported this week.
Total charitable giving grew by 5.1% measured in current dollars over the revised total of $448.7 billion contributed in 2019. Adjusted for inflation, total giving increased by 3.8%.
Charitable giving set a record in 2020, said Laura MacDonald, chair of Giving USA Foundation and principal and founder of Benefactor Group, in a statement.
“Unprecedented developments in 2020 including the global pandemic, the ensuing economic crisis, and efforts to advance racial justice created intense, widespread need and significantly increased the demand upon nonprofit organizations,” MacDonald said.
“Remarkably, generous giving coupled with the stock market turnaround in the final months of the year boosted contributions.”
Giving USA 2021: The Annual Report on Philanthropy for the Year 2020 was researched and written by the Indiana University Lilly Family School of Philanthropy at IUPUI.
Charitable Giving by Source
Charitable giving grew from three of the four sources of giving in 2020, according to the report.
Individuals donated an estimated total of $324.1 billion, up 2.2% (1%, adjusted for inflation) from 2019. Giving by individuals achieved its highest total dollar amount to date, but accounted for less than 70% of total giving for the third consecutive year.
Giving by foundations increased by 17% (15.6%) to an estimated $88.6 billion, also reaching its highest-ever dollar amount. Giving by foundations, which has grown in nine of the last 10 years, represented 19% of total giving in 2020.