Charitable giving by corporations increased by more than 10% last year, thanks in part to tax breaks and a strong economy, according to a new report on philanthropy.
Corporate giving rose by more than 13% in 2019 to $21.09 billion, says the annual report from GivingUSA. Researchers at the Indiana University Lilly Family School of Philanthropy attribute the increase to higher pre-tax corporate profits and a higher GDP.
“The economy going into this year was actually a strong year,” Una Osili, director of research with the Lilly Family School, said Tuesday in a press conference announcing the results.
The report also documents the decreasing share of overall giving accounted for by individuals, especially moderate and low-income individuals — a trend started during the Great Recession and exacerbated by tax reform in 2017.
“We’re seeing a further decline in the fraction of Americans who are giving,” Ms. Osili said.
In 2019, Americans gave $449.64 billion to U.S. nonprofits, the second-highest level ever documented by GivingUSA, which has been tracking charitable giving over 60 years.
