The financial crisis and ensuing recession haven’t been kind to anyone. While we may never be able to accurately quantify the overall damage, the numbers are in for charitable giving. They are not good.
The Chronicle of Philanthropy offered some quantifiable perspective on the crisis in the non-profit sector over these past three years in an article titled, “Giving by the Rich Dropped $30-Billion During Recession.” Indeed, from 2007 to 2009 charitable giving dropped by some $31 billion amongst those with incomes of $200,000 or more according to recent data from the IRS. If you move to the other end and count individuals earning $100,000 or less annually, the charity deficit runs up another $4 billion or so.
Keep in mind, since these are IRS numbers, this only reflects actual charitable contributions for which deductions were taken. Ultimately, these numbers will be seen and felt by the non-profit sector, to include your favorite charities and those they serve.
The question remains regarding what will become of the non-profit sector in 2012, a timely question with the end-of-year and the season of charity on the horizon. A further question, then, is what do you plan for your charitable giving this year?
At Idaho Estate Planning we are the experts you need to know and trust. Work with us and we'll put together a plan that works for you and your loved ones. Remember, good planning is no accident.