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Updated: 9:03 p.m. HT June 24, 2007
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.
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.