Charitable giving drops in 2008, Giving USA report shows

Every year about this time, Giving USA releases its report on charitable giving for the previous year. Results for 2008 came out today.

Giving in the worst economic climate since the Great Depression exceeded $300 billion for the second year in a row, $307.65 billion to be precise.

The 2008 number is the first decline in giving in current dollars since 1987 and the second since Giving USA began publishing annual reports in 1956. Adjusted for inflation, total giving was down 5.7 percent.

Two-thirds of public charities receiving donations saw decreases in 2008.

Charitable giving being down when the economy has been down is not news, really. Who would expect any different? The good news: Charitable giving is still more than 2 percent of the US Gross Domestic Product. Meaning: Giving is as strong historically as it’s ever been. Relatively speaking.

As always, giving from individuals (vs. corporate or foundations) was by far the largest slice of all contributions, 75 percent of the total, in 2008. Interestingly, individual's giving was only down 2.7 percent.

Conclusions:

It could have been worse. People could have chosen to pull back on giving.

They didn't (relatively).

Individuals and families remain the best source for seeking support.

Want to know more details? Go here for a Giving Institute news release.