The financial crisis and ensuingrecession havenâ€™t been kind to anyone. While we may never be able to accuratelyquantify the overall damage, the numbers are in for charitable giving. They arenot good.
The Chronicle of Philanthropy offered some quantifiable perspectiveon the crisis in the non-profit sector over these past three years in anarticle titled, â€œGiving by the Rich Dropped $30-BillionDuring Recession.â€ Indeed,from 2007 to 2009 charitable giving dropped by some $31 billion amongst thosewith incomes of $200,000 or more according to recent data from the IRS. If youmove to the other end and count individuals earning $100,000 or less annually,the charity deficit runs up another $4 billion or so.
Keep in mind, since these areIRS numbers, this only reflects actual charitable contributions for whichdeductions were taken. Ultimately, these numbers will be seen and felt by thenon-profit sector, to include your favorite charities and those they serve.
The question remains regardingwhat will become of the non-profit sector in 2012, a timely question with theend-of-year and the season of charity on the horizon. A further question, then,is what do you plan for your charitable giving this year?
At Idaho Estate Planning we are theexperts you need to know and trust. Work with us and we'll put together a planthat works for you and your loved ones. Remember, good planning is no accident.