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Charitable Giving in the United States Marked a Record $471-B in 2020

As an optimist, I believe that Americans’ generosity will continue to grow” — Paul Ebeling

Charitable giving in the United States reached a record $471-B in Y 2020, according to a report released Tuesday that offers a comprehensive look at American philanthropy.

The Giving USA report says Americans gave more to charity last yr than in Y 2019, despite an economic downturn that disrupted the paychecks of millions.

Faced with greater needs, estates and foundations also opened up their pocketbooks at increased levels resulting in a 5.1% spike in total giving from the $448-B recorded for Y2019, or a 3.8% spike when adjusted for inflation.

It is the 1st study to provide a comprehensive look into how donors big and small stepped up to meet the increased needs brought forth by the economic crisis, racial unrest and a global virus chaos.

Experts say the strong yr-end finish by the S&P 500, which closely tracks with giving from individuals and foundations, along with the uptick in personal income by the end of Y 2020 likely contributed to the spike.

Giving by individuals made up a majority of the donations last year rose by approximately 2%. The biggest uptick came from foundations, who, in total, increased their giving by 17% for an estimated $88.5-B in contributions. Those donations made up about 19% of the total share of contributions, the largest that has ever come from foundations.

By contrast, companies gave about 6% less in Y 2020 than they did in Y 2019, the report said. Experts note giving by corporations is closely tied to GDP and pre-tax profits, which declined last year.

Most nonprofit categories experienced a boost in contributions, with the strongest growth seen among public-society groups that include civil rights organizations and other charities.

Have a healthy day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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