Good Tuesday morning!
In today’s edition of Your Daily Phil, we interview Dina Kraft, the co-author of a new best-selling book about and also by Anne Frank’s best friend, Hannah Pick-Goslar, and feature an op-ed from Elan Ezrachi. Also in this newsletter: Rabbi Steve Bayar, Danielle Gross and Michael Gove. We’ll start with a new report by the Giving USA Foundation showing a rare decline in charitable giving last year.
Philanthropic giving dropped in 2022, down more than 10% after adjusting for inflation from the previous year, according to an annual study by the Giving USA Foundation and Indiana University released on Tuesday, reports eJewishPhilanthropy’s Judah Ari Gross.
This is only the fourth time that charitable giving has decreased from the previous year in the past four decades. The previous instances – 1987, 2008 and 2009 – followed the Black Monday crash and the Great Recession, respectively.
The authors of “Giving USA: The Annual Report on Philanthropy” calculated that individuals, bequests, foundations and corporations gave an estimated $499.33 billion to U.S. charities last year. This represents a 3.4% decline from 2021 – a record high year – when $516.65 billion was donated. Factoring in inflation, that $17.32 billion drop represents a 10.5% reduction, according to the study.
“Declines in giving like those we saw in 2022 have a tangible impact on nonprofit organizations, especially those that rely on charitable dollars to support their daily work,” Amir Pasic, dean of Indiana University’s Lilly Family School of Philanthropy, which co-authored the study, said in a statement. “Nonprofits and donors alike experienced the steady, negative impacts of inflation such as the growing cost of goods and high interest rates throughout 2022, and many of those challenges remain.”
Looking at the brighter side, Josh Birkholz, chair of Giving USA Foundation and CEO of BWF, said that the situation could have been far worse in light of the economic downturn in 2022.
“Drops in the stock market and high inflation caused many households to make tough decisions about their charitable giving for the year,” Birkholz said in a statement. “But despite uncertain economic times, Americans demonstrated how essential they view the nonprofit sector and its ability to solve big problems — by still giving nearly half a trillion dollars in 2022.”
Read the full story here.
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