Despite concerns that the 2017 Tax Cuts and Jobs Act would have a negative effect on charitable contributions, philanthropists increased their support for the nonprofit sector during 2019, with average gifts that were 56% greater than in 2018, according to a report by BNY Mellon Wealth Management.
Nonprofit organizations represented in the study saw an increase in planned gifts in 2019, with the number of charitable gift annuities rising 21% over the prior year.
The study revealed that 74% of donors made gifts to organizations that were located outside of the state of their primary location, up from 66% in 2018. Over half the donations (58%) came from repeat donors.
While 51% of the nonprofits surveyed indicated that COVID-19 had negatively affected their planned giving efforts, many have turned the challenges of social distancing and remote work into opportunities to strengthen donor relationships and mission-focused messaging, BNY Mellon said in a release.
[More: Why 2020 is a good year to give]
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Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
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