WASHINGTON, DC -- The accelerating concentration of philanthropic power in the hands of the affluent puts nonprofits at risk and can be checked only by significant tax-law changes, argues the latest in a series of reports and critiques focused on big philanthropy. Nearly a third of itemized charitable contributions in 2015 came from households earning more than $1 million annually — up from just 12 percent in 1995, according to the new report. At the same time, the share of giving by average Americans has been declining for most of the 21st century, sapping the strength of national nonprofits that rely on small donations and don’t attract support from the affluent.
Facts, Figures, Trends
NEW YORK, NY -- The Internal Revenue Service announced today the official estate and gift tax limits for 2019: The estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. That means an individual can leave $11.4 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $22.8 million. The annual gift exclusion amount remains the same at $15,000. For the ultra rich, these numbers represent planning opportunities. For everybody else, they serve as a reminder: Even if you don’t have a taxable estate, you still need an estate plan.
WASHINGTON, DC -- The biennial 2018 U.S. Trust Study of High Net Worth Philanthropy found that 90 percent of affluent households gave to charity in 2017, and 48 percent of them volunteered at nonprofits. In addition, annual giving among the wealthy in 2017 rose by 15 percent compared with two years earlier.
BOSTON, MA -- Research on giving in the United States has now produced definitive empirical evidence to show a decline in the participation and amounts donated by “small” and “medium” (actually, median) donors and an increasing reliance on “large” donors. That lead sentence should make every reader stop and envision the future of philanthropy in our democracy. Nonprfit Quarterly's Patrick Rooney writes in support of a universal charitable deduction.
SHEFFIELD, MA -- Berkshire Taconic Community Foundation today announced the launch of ACloserLook.net, an easy-to-navigate, interactive web resource providing current data, resident perspectives and multimedia stories on the four-county region Berkshire Taconic serves.
WEST HARTFORD, CT -- A phrase Jennifer Steadman heard in 2014 sticks in her mind: “Any gap you can measure, you can close.” Steadman, executive director of the Aurora Foundation, mentioned this idea Tuesday as she discussed findings from a report by Aurora measuring the gender wage gap in Hartford County, and other disparities between men and women in educational and economic outcomes.