Gifts from wealthy Americans to nonprofit organizations, including
colleges and universities, plummeted by an average of nearly 35 percent
from 2007 to 2009, according to a new study on the giving habits of the
rich.Affluent donors who had donated an average of more than $83,000 in 2007 gave only about $54,000 on average two years later during the heart of the economic downturn, according to the study, by Bank of America Merrill Lynch and the Center on Philanthropy at Indiana University. Colleges and other education-related organizations took a big hit, as donors cut their giving to such groups by 55 percent.
Educational organizations still received the second-largest share of giving, however, at 19.3 percent. The largest share, 22.1 percent, went to foundations, trusts, and other similar instruments for giving, such as donor-advised funds. The third-largest share, 13.3 percent, went to religious organizations.
To read the full, original article click on this link: Donations by the Wealthy Dropped Sharply in the Recession - Fund Raising - The Chronicle of Higher Education
Author: Debra E. Blum
