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Wealthy people changed the way they gave to charity during the pandemic

One way wealthy people changed their charitable giving during the pandemic
MarketWatch
4 hrs ago
Leslie Albrecht
© Photo by FREDERIC J. BROWN/AFP via Getty Images
Affluent households focused their donations to charity in one particular area in 2020.
The global upheaval of 2020 didn’t inspire more wealthy people to give to charity, but it did change where and how they did their giving.
That’s about the same percentage as the last edition of the study, which looked at 2017 charitable giving and found that 90% of affluent households donated that year.
‘This sustained commitment by donors shows the importance of a strategic approach to philanthropy that is still flexible enough to respond to a sudden surge in need.’ Ann Limberg, head of Philanthropic and Family Office Solutions, Bank of America Private Bank ....

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Wealthy Americans Boosted Giving to Local Causes in 2020: Study

Wealthy Americans Boosted Giving to Local Causes in 2020: Study
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Wealthy Americans' giving took on local focus during pandemic

Wealthy Americans' giving took on local focus during pandemic
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The FINANCIAL - Nearly Half of Affluent Americans Gave for Pandemic Relief

The FINANCIAL - Nearly Half of Affluent Americans Gave for Pandemic Relief
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Here's How the Pandemic Changed Charitable Giving by Wealthy Households in 2020

For instance, both the number of grants and the dollar amounts gifted in 2020 from the bank s donor-advised charitable gift fund increased by nearly 50% from a year earlier, which resulted in more than $500 million going to nonprofits.
Despite the increased giving from affluent households, there has been concern about the long-term viability of some nonprofits due to a pandemic-related decrease in funds coming in. A mid-year 2020 analysis by nonprofit tracker Candid suggested that up to 28% of nonprofits could shut down.
What we saw were nonprofits pivoting to find ways to be relevant, Limberg said. We saw a tremendous amount of innovation. ....

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