Arts Philanthropy Booming, Cultural Giving Rises 9.2%, says Giving USA
Submitted by Steve on June 19, 2015
From Mike Boehm at the Los Angeles Times:
Americans’ donations to arts and culture rose 9.2% in 2014, the highest increase in nine categories tracked by Giving USA, an annual report on charitable contributions. Overall, however, arts and culture commanded a modest share of the philanthropic pie. Estimated gifts to arts and culture totaled $17.2 billion, according to the report compiled by Indiana University’s Lilly Family School of Philanthropy. Although that was a record high, it represented only 4.8% of the $358.4-billion total.
Giving to all charitable sectors rose 5.5% in a year when investment markets remained generally favorable -- a key factor for many affluent donors.
The report attributed much of the overall growth to large gifts between $200 million and nearly $2 billion. “The majority of these mega-gifts were given by relatively young tech entrepreneurs,” said a summary of the report issued Monday.
The Chronicle of Philanthropy hosted a conversation to discuss the Giving USA 2015 report. You can view that conversation below.