Charitable giving in the U.S. rose to an all-time record in 2013, according to a new report. But the growth in giving is lagging the gains in the stock market and the overall income gains of the wealthy.
Total giving by individuals, companies and foundations totaled $335.17 billion last year, driven mainly by giving by wealthy individuals, according to the annual report from Giving USA Foundation and the Indiana University Lilly Family School. That was above its 2007 pre-crisis peak of $311 billion and above last year’s previous record of $320 billion.
Total giving rose $14.2 billion in 2013, marking a 4.4 percent increase in inflation-adjusted growth, the report said.
Giving by individuals represented the largest share and dollar growth of total giving. Individual giving rose 4.2 percent in 2013, to $230.91 billion. Giving by corporations fell 1.9 percent, to $18.22 billion. Giving by foundations increased 5.7 percent, to $46.34 billion, while giving by bequest rose 8.7 percent, to $25.5 billion.