Will Things Ever Be the Same?
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1 October 8, 212 Will Things Ever Be the Same? A white paper by Robert Sharpe
2 Following a drop of nearly 15 percent in charitable giving between 27 and 29, inflation-adjusted giving in America increased by 2.7 percent in 21 and just.9 percent last year. After adjusting for inflation, however, total giving in America in 211 was still below 2 levels. The declines since 27 are the most severe since the Depression of the 193s. In keeping with the Sharpe Group s history of analyzing charitable giving trends, our consultants have just completed an analysis of a number of data sources and have uncovered vitally important information about recent changes in giving. In this white paper, Robert Sharpe examines and explains this analysis, and concludes with a number of steps that if taken today may help ensure a brighter future for fund development efforts. Every aspect of the American economy has been affected by the financial crisis that began in the fall of 28. The purpose of this paper is to examine the impact of these economic conditions on philanthropy in America and explore how the lessons we have learned can be employed in ways that may help to maximize giving for the remainder of 212 and in future years. Will Things Ever Be the Same? Giving in America From 1929 to 194 Adjusted to 1929 Dollars In December 28, the Sharpe Group published white papers that summarized what history had to teach us about charitable giving in times of economic distress. 1 Those papers concluded that philanthropy in America has remained relatively steady or increased over time despite periodic recessions, fluctuations in asset values, interest rates, tax codes and other influences. Even in the midst of the Great Depression of the 193s, charitable giving overall dropped for a relatively brief period of time before recovering to pre-depression levels by Billions See sharpenet.com/resources. 2 See Philanthropy in Uncertain Times A Retrospective at sharpenet.com/resources. Sharpe Group 212 Will Things Ever Be the Same? Page 2 of 17
3 In June of this year it was announced with the release of Giving USA 212 that inflation-adjusted giving in America rose by an anemic.9 percent in 211, after increasing just 2.7 percent in 21. These modest increases follow on the heels of a drop of 14.5 percent between 27 and 29, the worst declines in charitable giving since the outset of the Great Depression. In fact, after adjusting for inflation, total giving in America in 211 was actually below 2 levels. The following chart illustrates this trend: 35 Giving USA Reports of Inflation-Adjusted Giving In America Billions Given USA 15 ` Leading experts on trends in charitable giving are not optimistic about prospects for the immediate future. In June of this year the Chronicle of Philanthropy quoted the editors of Giving USA as follows, If we continue to grow at this rate, it will take more than a decade to get back to where we were in total giving in 27, said Patrick Rooney, executive director of the Indiana University Center on Philanthropy, which compiles Giving USA. Last year Mr. Rooney predicted that a recovery in giving could occur by 216; now, given current conditions, he says it will more likely be The Chronicle of Philanthropy, Donations Barely Grew at All Last, Giving USA Finds. June 19, 212. Sharpe Group 212 Will Things Ever Be the Same? Page 3 of 17
4 Did the top drop out of giving? Given the broad-scale impact of the Great Recession, one might naturally assume the reduced giving experienced during the period would have been concentrated largely among the ranks of middle-income Americans, who were hardest hit by increased unemployment, stagnant wages, reductions in retirement fund balances, steep declines in home values and other factors. However, this was not the case. A number of recent reports make it very clear that the declines in giving were actually more prevalent at the top of the income and asset scale, where the recovery also seems to have begun. The Internal Revenue Service has released in-depth summaries of income reported and deductions claimed on federal income tax returns filed during the period of 27 through 29. While Giving USA figures are admittedly estimates that are initially based on econometric models, the compilers of Giving USA report they rely on IRS data when it is released in subsequent years to verify and make alterations to their original estimates of individual giving. IRS data is particularly helpful where individual giving is concerned. For example, over the past 15 years, itemized deductions have comprised on average of some 81 percent of individual giving reported by Giving USA, with little variation from year to year. Individual Giving Itemized Deductions Percent Reported by Giving USA Reported by IRS Itemized 1996 $ 17,56, $ 86,159,35 8% 1997 $ 124,2, $ 99,191,962 8% 1998 $ 138,35, $ 19,24,78 79% 1999 $ 154,63, $ 125,798,548 81% 2 $ 174,51, $ 14,681,631 81% 21 $ 173,36, $ 139,241,476 8% 22 $ 174,44, $ 14,571,365 81% 23 $ 181,97, $ 145,72,137 8% 24 $ 22,97, $ 165,564,388 82% 25 $ 221,99, $ 183,39,686 83% 26 $ 224,76, $ 186,646,644 83% 27 $ 233,11, $ 193,63,968 83% 28 $ 213,76, $ 172,936,2 81% 29 $ 2,66, $ 158,16,528 79% 21 $ 29,64, $ 17,235,681 81% Total $ 2,735,91, $ 2,216,98,399 81% Note: Dollar figures in above chart are in thousands. Sharpe Group 212 Will Things Ever Be the Same? Page 4 of 17
5 For this reason, the trend in itemized deductions reported by the IRS may be the most valid and reliable indicator of charitable giving over time, especially among higher-level donors. $2,, Amount Deducted From Tax Returns According to IRS $18,, $16,, $14,, $12,, $1,, $8,, $6,, $4,, $2,, $ Also included in the IRS reports is the breakdown of charitable income tax deductions claimed in a particular year, broken out by taxpayers income range. Charitable Deductions Change Change Change Income Range Under $5, $131,261 $154,85 18% $18,294 16% 37% $5, under $1, $431,27 $48,688 11% $515,685 7% 2% $1, under $15, $999,462 $917,55-8% $1,98,374 2% 1% $15, under $2, $1,457,377 $1,498,354 3% $1,567,863 5% 8% $2, under $25, $1,896,118 $1,835,152-3% $1,879,966 2% -1% $25, under $3, $2,479,952 $2,287,265-8% $2,217,714-3% -11% $3, under $35, $2,995,432 $2,741,766-8% $2,418,768-12% -19% $35, under $4, $3,457,13 $3,12,398-1% $3,66,29-2% -11% $4, under $45, $3,389,633 $3,422,544 1% $3,551,157 4% 5% $45, under $5, $3,91,589 $3,742,47-4% $3,58,253-4% -8% $5, under $55, $4,93,138 $3,754,21-8% $3,647,322-3% -11% $55, under $6, $4,21,875 $3,979,522-5% $3,875,465-3% -8% $6, under $75, $12,81,49 $12,171,732-5% $11,625,653-4% -9% $75, under $1, $2,669,286 $19,887,14-4% $19,384,777-3% -6% $1, under $2, $4,47,31 $4,66,459.3% $4,295, % -.4% $2, under $5, $23,789,879 $23,663,87-1% $21,596,948-9% -9% $5, under $1,, $1,939,244 $9,539,392-13% $8,332,887-13% -24% $1,, under $1,5 $5,13,26 $4,198,7-18% $3,78,879-12% -28% $1,5, under $2, $3,212,189 $2,661,827-17% $2,193,433-18% -32% $2,, under $5, $9,473,63 $7,298,27-23% $5,697,548-22% -4% $5,, under $1, $6,637,191 $4,688,144-29% $3,685,24-21% -44% $1,, or more $31,38,5 $2,286,5-35% $13,896,715-31% -55% Total $193,63,965 $172,936,2-11% $158,16,528-9% -18% Source: Internal Revenue Service Sharpe Group 212 Will Things Ever Be the Same? Page 5 of 17
6 Surprisingly, while overall deductions were down by 18 percent between 27 and 29, note that those with incomes under $2, reduced their giving by only 2.7 percent in 28 and just 1.7 percent in 29. Charitable Deductions Change Change Change Income Range Under $5, $131,261 $154,85 18% $18,294 16% 37% $5, under $1, $431,27 $48,688 11% $515,685 7% 2% $1, under $15, $999,462 $917,55-8% $1,98,374 2% 1% $15, under $2, $1,457,377 $1,498,354 3% $1,567,863 5% 8% $2, under $25, $1,896,118 $1,835,152-3% $1,879,966 2% -1% $25, under $3, $2,479,952 $2,287,265-8% $2,217,714-3% -11% $3, under $35, $2,995,432 $2,741,766-8% $2,418,768-12% -19% $35, under $4, $3,457,13 $3,12,398-1% $3,66,29-2% -11% $4, under $45, $3,389,633 $3,422,544 1% $3,551,157 4% 5% $45, under $5, $3,91,589 $3,742,47-4% $3,58,253-4% -8% $5, under $55, $4,93,138 $3,754,21-8% $3,647,322-3% -11% $55, under $6, $4,21,875 $3,979,522-5% $3,875,465-3% -8% $6, under $75, $12,81,49 $12,171,732-5% $11,625,653-4% -9% $75, under $1, $2,669,286 $19,887,14-4% $19,384,777-3% -6% $1, under $2, $4,47,31 $4,66,459.3% $4,295, % -.4% $13,383,576 $1,599, % $98,94, % -4.3% Source: Internal Revenue Service Note that taxpayers with incomes in the $1, to $2, range actually increased their deductible giving slightly, from $4.5 billion in 27 to $4.6 billion in 28, and reduced their giving by less than 1 percent in 29. On the other hand, taxpayers with incomes over $2, reduced their itemized gifts by 2 percent in 28 and another 18 percent in 29 for a total reduction of 34 percent between 27 and 29. In terms of dollars, the reduction was $31.1 billion. This amount equals 87 percent of the $35.6 billion drop in giving by individuals, as reported by the IRS for that calamitous period. Charitable Deductions Change Change Change Income Range $2, under $5, $23,789,879 $23,663,87-1% $21,596,948-9% -9% $5, under $1,, $1,939,244 $9,539,392-13% $8,332,887-13% -24% $1,, under $1,5, $5,13,26 $4,198,7-18% $3,78,879-12% -28% $1,5, under $2,, $3,212,189 $2,661,827-17% $2,193,433-18% -32% $2,, under $5,, $9,473,63 $7,298,27-23% $5,697,548-22% -4% $5,, under $1,, $6,637,191 $4,688,144-29% $3,685,24-21% -44% $1,, or more $31,38,5 $2,286,5-35% $13,896,715-31% -55% $9,22,389 $72,336,64-2% $59,111,65-18% -34% Source: Internal Revenue Service Sharpe Group 212 Will Things Ever Be the Same? Page 6 of 17
7 Fortunately, the IRS has now released data for 21 that indicates the worst may be over in terms of economic-related declines in giving. Itemized deductions overall grew 7.7 percent in 21. Charitable Deductions Change Change Change Change Income Range Under $5, $131,261 $154,85 18% $18,294 16% $ 164,412-9% 25% $5, under $1, $431,27 $48,688 11% $515,685 7% $ 528,783 3% 23% $1, under $15, $999,462 $917,55-8% $1,98,374 2% $ 998,684-9% % $15, under $2, $1,457,377 $1,498,354 3% $1,567,863 5% $ 1,551,739-1% 6% $2, under $25, $1,896,118 $1,835,152-3% $1,879,966 2% $ 1,71,661-9% -1% $25, under $3, $2,479,952 $2,287,265-8% $2,217,714-3% $ 2,48,228 9% -3% $3, under $35, $2,995,432 $2,741,766-8% $2,418,768-12% $ 2,64,17 8% -13% $35, under $4, $3,457,13 $3,12,398-1% $3,66,29-2% $ 3,174,437 4% -8% $4, under $45, $3,389,633 $3,422,544 1% $3,551,157 4% $ 3,42,199-4% 1% $45, under $5, $3,91,589 $3,742,47-4% $3,58,253-4% $ 3,452,441-4% -12% $5, under $55, $4,93,138 $3,754,21-8% $3,647,322-3% $ 3,795,272 4% -7% $55, under $6, $4,21,875 $3,979,522-5% $3,875,465-3% $ 4,85,348 5% -3% $6, under $75, $12,81,49 $12,171,732-5% $11,625,653-4% $ 11,975,878 3% -7% $75, under $1, $2,669,286 $19,887,14-4% $19,384,777-3% $ 2,7,13 4% -3% $1, under $2, $4,47,31 $4,66,459.3% $4,295, % $ 41,222,942 2% 2% $2, under $5, $23,789,879 $23,663,87-1% $21,596,948-9% $ 23,14,258 7% -3% $5, under $1,, $1,939,244 $9,539,392-13% $8,332,887-13% $ 9,398,231 13% -14% $1,, under $1,5, $5,13,26 $4,198,7-18% $3,78,879-12% $ 4,9,87 1% -2% $1,5, under $2,, $3,212,189 $2,661,827-17% $2,193,433-18% $ 2,474,15 13% -23% $2,, under $5,, $9,473,63 $7,298,27-23% $5,697,548-22% $ 6,885,636 21% -27% $5,, under $1,, $6,637,191 $4,688,144-29% $3,685,24-21% $ 4,387,375 19% -34% $1,, or more $31,38,5 $2,286,5-35% $13,896,715-31% $ 18,732,755 35% -4% Total $193,63,965 $172,936,2-11% $158,16,528-9% $17,235, % -12% Source: Internal Revenue Service Just as the reductions in giving during were rooted in the over-$2, income group, so was the increased giving in 21. Among taxpayers with incomes under $2,, giving reported to the IRS increased by just 2.3 percent. The amount deducted by those at that income level has substantially recovered and is now just 2 percent below 27 levels. Charitable Deductions Change Change Change Change Income Range Under $5, $131,261 $154,85 18% $18,294 16% $ 164,412-9% 25% $5, under $1, $431,27 $48,688 11% $515,685 7% $ 528,783 3% 23% $1, under $15, $999,462 $917,55-8% $1,98,374 2% $ 998,684-9% % $15, under $2, $1,457,377 $1,498,354 3% $1,567,863 5% $ 1,551,739-1% 6% $2, under $25, $1,896,118 $1,835,152-3% $1,879,966 2% $ 1,71,661-9% -1% $25, under $3, $2,479,952 $2,287,265-8% $2,217,714-3% $ 2,48,228 9% -3% $3, under $35, $2,995,432 $2,741,766-8% $2,418,768-12% $ 2,64,17 8% -13% $35, under $4, $3,457,13 $3,12,398-1% $3,66,29-2% $ 3,174,437 4% -8% $4, under $45, $3,389,633 $3,422,544 1% $3,551,157 4% $ 3,42,199-4% 1% $45, under $5, $3,91,589 $3,742,47-4% $3,58,253-4% $ 3,452,441-4% -12% $5, under $55, $4,93,138 $3,754,21-8% $3,647,322-3% $ 3,795,272 4% -7% $55, under $6, $4,21,875 $3,979,522-5% $3,875,465-3% $ 4,85,348 5% -3% $6, under $75, $12,81,49 $12,171,732-5% $11,625,653-4% $ 11,975,878 3% -7% $75, under $1, $2,669,286 $19,887,14-4% $19,384,777-3% $ 2,7,13 4% -3% $1, under $2, $4,47,31 $4,66,459.3% $4,295, % $ 41,222,942 2% 2% Total $13,383,576 $1,599, % $98,94, % $11,163, % -2.1% Source: Internal Revenue Service Sharpe Group 212 Will Things Ever Be the Same? Page 7 of 17
8 On the other hand, those with incomes over $2, increased their giving by 17 percent in 21. This increase accounted for 8 percent of the increased giving reported by the IRS for 21. These donors are, however, still giving at levels some 23 percent lower than the peak year of 27. Charitable Deductions Change Change Change Change Income Range $2, under $5, $23,789,879 $23,663,87-1% $21,596,948-9% $ 23,14,258 7% -3% $5, under $1,, $1,939,244 $9,539,392-13% $8,332,887-13% $ 9,398,231 13% -14% $1,, under $1,5, $5,13,26 $4,198,7-18% $3,78,879-12% $ 4,9,87 1% -2% $1,5, under $2,, $3,212,189 $2,661,827-17% $2,193,433-18% $ 2,474,15 13% -23% $2,, under $5,, $9,473,63 $7,298,27-23% $5,697,548-22% $ 6,885,636 21% -27% $5,, under $1,, $6,637,191 $4,688,144-29% $3,685,24-21% $ 4,387,375 19% -34% $1,, or more $31,38,5 $2,286,5-35% $13,896,715-31% $ 18,732,755 35% -4% Total $9,22,389 $72,336,64-2% $59,111,65-18% $69,72,447 17% -23% Source: Internal Revenue Service IRS reports conclusively demonstrate that higher income taxpayers were responsible for the lion s share of giving declines during the worst of the Recession and are apparently leading the early stages of recovery in giving as well. The jury is still out on the future of giving by higher income Americans, however. A report published Oct. 3 by The Chronicle of Philanthropy quotes a new study released by Indiana University Center on Philanthropy as finding that just 25 percent of those with incomes over $2, plan to increase their giving between now and Other indications that declines in giving were heavily concentrated among the wealthiest Americans are found in reports of publicly announced gifts of more than $1 million. The Chronicle of Philanthropy reports that gifts at this level declined some 86 percent, from $32.2 billion in 27 to $4.4 billion in 29. Million Dollar Gifts Total Announced $35. $3. $25. $2. Billions $15. $1. $5. $ Source: Chronicle of Philanthropy The Chronicle of Philanthropy, Most Wealthy Donors Predict Flat Giving Till 217, Study Finds. October 3, 212. Sharpe Group 212 Will Things Ever Be the Same? Page 8 of 17
9 Note that difference of $27.8 billion closely parallels the $31.1 billion drop in giving by higher income taxpayers as reported by the IRS. These trends mirror similar reports tracking larger publicly announced gifts at the outset of the Great Depression. Total Substantial Gifts Reported In Million Dollar Gifts Total Announced $35,, $35. $325,, $3,, $3. $275,, $25,, $25. $225,, $2,, $2. $175,, $15,, $15. $125,, $1,, $1. $75,, $5,, $5. $25,, $ $ Source: John Price Jones Reports New York Times Source: Chronicle of Philanthropy Taking stock of declines The IRS has also reported on giving by type of property contributed during the worst of the downturn in 28 and 29. Note that cash donations dropped by just 9 percent between 27 and Cash Deducted From Tax Returns According to IRS Billions of Dollars Sharpe Group 212 Will Things Ever Be the Same? Page 9 of 17
10 The amount of non-cash gifts, however, declined by 46 percent, from $58.7 billion in 27 to $31.8 billion, a difference of $26.9 billion. 7 Non-Cash Gifts Deducted Billions of Dollars This drop followed a 54 percent drop in the value of the Dow from high points in 27 to the bottoming out of the market in early 29. Dow Jones Daily Close January 27 - March % ` Sharpe Group 212 Will Things Ever Be the Same? Page 1 of 17
11 The decline of $27 billion in non-cash giving represents 77 percent of the decline of $35 billion in itemized deductions for the period. It would also account for 84 percent of the entire $32 billion decline in individual giving reported by Giving USA between 27 and 29. While the non-cash totals include a variety of types of property, the vast majority of these gifts come in the form of securities, real estate, artwork and intellectual property donated by higher income and net worth individuals. Just as the recovery in giving thus far has been led by taxpayers with incomes of more than $2,, the bulk of the increase in giving in 21 was in the form of non-cash property. Cash gifts rose just 3.8 percent in Cash Deducted From Tax Returns According to IRS Billions of Dollars Non-cash gifts, however, increased at the rate of 39 percent, some 1 times the rate of increase of cash gifts in Non-Cash Gifts Deducted Billions of Dollars Sharpe Group 212 Will Things Ever Be the Same? Page 11 of 17
12 The emerging picture It is now clear, based on data from the IRS and other sources, that the painful decline in charitable giving in America between 27 and 29 was concentrated largely in gifts of $1 million or more by persons with incomes over $2,, and the bulk of the decline was in the form of reductions of gifts of securities and other non-cash property. On the positive side of the ledger, as of September 212, the Dow had increased more than 1 percent since the 29 lows. Dow Jones Daily Close March 29 - July % ` Many of the securities comprising this gain have now been held for more than 12 months and qualify for deductibility at full fair market value. The IRS data outlined above shows that noncash gifts fueled by asset value recovery were the source of 72 percent of the 21 increase in giving by individuals. Hopefully, when released early next year, IRS data for 211 will show a continuation of that trend. Sharpe Group 212 Will Things Ever Be the Same? Page 12 of 17
13 What might the future hold? What does this information portend for the future of charitable giving in the U.S.? On the tax policy front, it is interesting to note that both political parties have put forth proposals that would limit the amount and/or value of federal income tax deductions for charitable gifts. Unfortunately, it is now clear that these limitations would fall most heavily on higher income individuals, where giving levels were most impacted by declines in asset values and in some cases lower incomes. For example, in the case of an administration proposal, limits on charitable deductions would apply only to those with incomes over $25, ($2, for single taxpayers) where the most damage in giving occurred during the Recession. According to press reports in early October 212, Republican presidential candidate and former Massachusetts Gov. Mitt Romney has proposed limiting all itemized deductions. He has mentioned amounts as low as $17, for middle class taxpayers and an unspecified lower amount for those with higher incomes. This could result in effectively eliminating the charitable deduction for many as mortgage interest and property taxes alone would absorb the deduction limits. 5 Reductions in tax deductibility of gifts amount to a targeted tax increase on donated income. Significantly raising the cost of giving by the most generous among higher income taxpayers could perhaps stifle the recovery in giving that so far is being led by wealthier donors, or even lead to renewed declines in giving. Neutralize toxic tax advice It is also vitally important to help donors understand why they should not listen noncritically to ill-considered recommendations advising them to wait until next year to make significant gifts. Some unidimensional commentators have suggested that donors should delay their gifts until next year when tax rates are scheduled to rise and charitable deductions will be worth more. 6 While on the surface this may seem to be a good strategy, this advice if heeded will not bode well for donors or their giving this fall. There are at least three major reasons why well-informed donors may not want to follow recommendations to delay larger gifts until next year: First Whether or not tax laws change, there is a negative cash flow impact if a charitable gift is delayed until 213. Delaying gifts will result in a donor paying more taxes on the income not donated in 212, while the enjoyment of savings from a deduction for a gift next year will be delayed until April of The Wall Street Journal, Romney Floats Idea of Itemized Deduction Cap, Oct. 3, CBS Moneywatch, 4 Tax Moves to Gird for the Fiscal Cliff, Oct. 1, 212 Sharpe Group 212 Will Things Ever Be the Same? Page 13 of 17
14 Second As noted earlier, both parties have proposed tax legislation that would limit the future value of all deductions, including charitable gifts. One of the most often proposed changes is the current administration s proposal that would limit the value of charitable gift deductions to the 28 percent bracket. This means a person in the 35 percent tax bracket would save $3,5 in tax for a deductible $1, gift in 212, while saving just $2,8 if this limit is imposed for 213. This would mean a real and substantial increase in the after-tax cost of giving. Third Even if tax rates are higher next year and deductions are not limited, no one knows what stock market values will be then. Because donors are allowed to deduct the full value of securities to reduce tax on income, the possibility of reduction in market values next year may more than offset any possible value from deducting gifts next year. It boils down to this: Donors in higher tax brackets need to know that the old bird in the hand adage may well apply to their charitable gift plans this fall. What to do now For the reasons outlined above, it is important that fund development efforts be focused more than ever on gifts from higher income donors for the remainder of this year. It may be wise to place special emphasis on gifts of newly appreciated or re-appreciated securities, the primary driver of the recovery in individual giving reported by the IRS in 21. That being said, it is also important to make sure that the broader base of donors is not neglected. Keep in mind that those donors who earn less than $2, per year were the most dependable source of funding through the worst of the economic downturn. While it is always important to undertake efforts to maintain and grow a broad donor base, it can be more difficult to acquire new donors during challenging economic times. It may be even more important to thank and recognize existing donors not only for how much they are giving now, but for longevity, frequency and cumulative giving as well. This can help reduce donor attrition and assure that a recovery in giving will be as robust as possible. It can also create a climate in which older donors may be more likely to include gifts as they update their wills and other estate plans in coming months and years. Summary As noted at the outset, even in the midst of the economic crisis of the 193s, which we can look to for historical guidance in our present situation, Americans continued to support their philanthropic interests. Sharpe Group 212 Will Things Ever Be the Same? Page 14 of 17
15 Evidence shows that Americans who continued to work during the Great Depression not only continued to make gifts, but gave unprecedented percentages of their income to charity. Contemporaneous IRS reports indicate the percentage of income donated to charity peaked in the depths of the Depression in 1932, declined somewhat and then increased toward the end of the Depression Average Percent of Income Given To Charity According to IRS Reports Avg The percentage donated by income range increased the most among wealthier taxpayers as the economy recovered until In 1937 the highest marginal tax rate was increased from 59 percent to 78 percent increases for those with the highest levels of income. This may have been a factor underlying the decrease in the percentage of income donated by the highest income taxpayers in Percent of Income Donated During Depression By Income Range 6 Percent Under $5 K $5K-$1K $1K-25K $5K-$1K $3K-$5K $1K Source: Philanthropic Giving - Andrews Sharpe Group 212 Will Things Ever Be the Same? Page 15 of 17
16 The more things change While the world is very different in the second decade of the 21st century than it was in the 193s, the data suggests that we may be poised for a renewed growth in philanthropy similar to what was experienced as the nation recovered from the Great Depression. Both the IRS data and initial reports on giving in America in 211 indicate that the worst may be behind us, and few doubt that charitable giving will eventually return to and even exceed 27 levels. Giving in America From 1929 to 194 Adjusted to 1929 Dollars 35. Inflation-Adjusted Giving ? Billions Billions Amounts adjusted to 25 dollars Ultimately, the future belongs to those who seek to understand the challenges they face and avoid rather than be paralyzed by areas of uncertainty, all the while looking for open paths to success. The 19th century journalist Alphonse Karr wrote, The more things change, the more they are the same. He also observed what many might well take to heart today: Uncertainty is the worst of all evils until the moment when reality makes us regret uncertainty. Sharpe Group 212 Will Things Ever Be the Same? Page 16 of 17
17 About the Author Robert Sharpe, president of the Sharpe Group, is a leader in the field of nonprofit financial development and a noted author and speaker. With more than 3 years of nonprofit fund development and consulting experience, Mr. Sharpe has helped many of the nation s leading nonprofits plan, develop and implement successful major gift planning and endowment development programs. He is the author of many articles on a variety of gift planning topics and has been published in The Wall Street Journal, The New York Times, Newsweek, Forbes, Smart Money, Market Watch, The Chronicle of Philanthropy, Trusts & Estates, Kiplinger s and others. He is a frequent speaker at gatherings across the country. He chairs the philanthropy committee of the editorial board of Trusts & Estates magazine and writes a column on related matters. Mr. Sharpe is co-author of Model Standards for Gift Valuation adopted by the Partnership for Philanthropic Planning. He is a cum laude graduate of Vanderbilt University and Cornell Law School. About Sharpe Group For 5 years, the Sharpe Group has been a leader in helping to ensure the financial security of thousands of America s educational, healthcare, religious, social service and cultural institutions. With offices in Washington, Memphis and San Francisco, the Sharpe Group includes consultants, marketing experts and creative resources. Sharpe consultants frequently present at leading industry conferences and are quoted regularly in national publications, including The New York Times, The Wall Street Journal, Trusts & Estates, Kiplinger s, The Chronicle of Philanthropy and many other leading publications. Sharpe Group 212 Will Things Ever Be the Same? Page 17 of 17
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