Americans donated an estimated $358.38 billion in 2014, surpassing the peak last seen before the Great Recession, according to the 60th anniversary edition of Giving USA, released today. That overall total slightly exceeds the benchmark year of 2007, when giving hit an estimated inflation-adjusted total of $355.17 billion. However, Individual giving has yet to recover fully.
The 2014 philanthropy total increased by 5.4 percent, when inflation adjusted, over the revised estimate of $339.94 billion that Americans donated in 2013. Giving has grown for each of the previous five years. The growth in 2014 significantly outpaces the average growth rate of 3.4 percent (inflation adjusted) during the past five-year period.
All four sources of contributions that comprise total giving increased in 2014:
- Individuals (72 percent of the total, 4 percent inflation-adjusted increase)
- Corporations (5 percent of the total, 11.9 percent inflation-adjusted increase)
- Foundations (15 percent of the total, 8.2 percent inflation-adjusted increase)
- Bequests (8 percent of the total, 13.6 inflation-adjusted increase)
“The 60 year high for total giving is a great story about resilience and perseverance,” says W. Keith Curtis, Chairman of the Giving USA Foundation and President of The Curtis Group. “It’s also interesting to consider that growth was across the board, even though criteria used to make decisions about giving differ for each source.”
When combining the Individual and Bequest numbers, we see that individuals contributed 80 percent of all dollars given to charity in 2014. If we include family foundation giving, individual philanthropy accounted for 87 percent of all dollars given in 2014, according to Patrick Rooney, PhD, Associate Dean for Academic Affairs and Research at the Indiana University Lilly Family School of Philanthropy. Large Individual gifts of $200 million or more accounted for a significant portion of the overall growth in Individual giving while the actual number of gifts over $1 million has decreased.
“We saw several very large gifts greater than $200 million — a few were greater than $500 million and one was nearly $2 billion — in 2014,” says Rooney. “The majority of these mega-gifts were given by relatively young tech entrepreneurs.”
Looking at the nine gift recipient categories, all but one saw an increase in giving: