Charitable giving finally surpasses pre-crisis levels

Bequests jump thanks to some generous giants.
MAY 03, 2015
Philanthropy reached a record high last year, finally surpassing the amount donated before the recession depressed Americans' charitable giving. Donations rose 5% in 2014 when adjusted for inflation, to $358.38 billion, just a hair above the pre-recession level of $355.17 billion in 2007, according to the Giving USA 2015 report released Tuesday. Philanthropic giving fell as low as $303 billion in 2009, a year the world was slipping toward global economic crisis and the markets hit bottom.

Source: Giving USA 2015 report

“This 60-year high for total giving is a great story about resilience and perseverance,” said W. Keith Curtis, chairman of the Giving USA Foundation, which publishes the annual giving report. (More: 2014 stock market rally pays off for charitable giving) Individuals gave 72% of the total last year, while bequests only represented 8% of donations. Bequests, though, showed the greatest percentage increase last year, jumping 13.6% to $28.13 billion, the report found.

Source: Giving USA 2015 report

That jump was in part because some Goliath U.S. estates were settled in 2014, including $1 billion from former Buffalo Bills owner Ralph Wilson. Mr. Wilson was the second-most generous giver last year, topped only by the Bill and Melinda Gates Foundation, which donated $1.9 billion, according to the Chronicle of Philanthropy.

Latest News

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

Trump's 'revenge tax' might come back to bite US borrowers, experts say
Trump's 'revenge tax' might come back to bite US borrowers, experts say

Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.