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Americans Set Record For Giving – Yet Again

From a stunned Associated Press:

Americans set record for charity in 2006

By VINNEE TONG, AP Business Writer Mon Jun 25

NEW YORK – Americans gave nearly $300 billion to charitable causes last year, setting a new record and besting the 2005 total that had been boosted by a surge in aid to victims of hurricanes Katrina, Rita and Wilma and the Asian tsunami.

Donors contributed an estimated $295.02 billion in 2006, a 1 percent increase when adjusted for inflation, up from $283.05 billion in 2005. Excluding donations for disaster relief, the total rose 3.2 percent, inflation-adjusted, according to an annual report released Monday by the Giving USA Foundation at Indiana University’s Center on Philanthropy.

Giving historically tracks the health of the overall economy, with the rise amounting to about one-third the rise in the stock market, according to Giving USA. Last year was right on target, with a 3.2 percent rise as stocks rose more than 10 percent on an inflation-adjusted basis.

“What people find especially interesting about this, and it’s true year after year, that such a high percentage comes from individual donors,” Giving USA Chairman Richard Jolly said.

Individuals gave a combined 75.6 percent of the total. With bequests, that rises to 83.4 percent.

The biggest chunk of the donations, $96.82 billion or 32.8 percent, went to religious organizations. The second largest slice, $40.98 billion or 13.9 percent, went to education, including gifts to colleges, universities and libraries.

About 65 percent of households with incomes less than $100,000 give to charity, the report showed…

Something tells me this story won’t be headlining too many news shows today.

This article was posted by Steve on Monday, June 25th, 2007. Comments are currently closed.

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