Global downturn slows giving of over $1m in US
There were 33% fewer $1m gifts from individuals in the US in the last six months of 2008 than in the same period during 2007, reports the Million Dollar List from the Center on Philanthropy at Indiana University.
Whild the number of major gifts from individuals fell, the number of gifts of $1m or more from foundations was 10% higher in the second half of 2008 than the second half of 2007, while the number of corporate gifts of the same amount during these periods stayed the same.
“The numbers for the last half of 2008 show that wealthy donors appear to be thinking carefully about how much to give and when in this economy,” said Patrick M. Rooney, interim executive director of the Center on Philanthropy.
The fall in the number of $1m gifts was smaller than the largest drop of 35% in 2001, and overall the number of gifts of $1m or more in the full 12 months of 2008 was 4% higher than in 2007, with donations totalling more than $22 bn in 2008.
“The 333 $1 million-dollar-plus gifts from individual donors in the second half of 2008 demonstrates that the stock market declines and the credit crisis have slowed giving of large gifts, but have not stopped it,” Rooney explained.