Charitable Giving Forecast to Grow in 2014
According to a report on charitable giving released in May 2014 by a leading forecast organization, Atlas of Giving, the U.S. is likely to see more than a 7% growth in charitable donations in 2014 compared to 2013. Atlas of Giving provides a monthly estimate of charitable giving by sector, source, and state.
In 2013, Americans set a record. Fueled largely by significant gains in stock prices, charitable giving in the U.S. increased 13% in 2013, hitting a record $416.7 billion, according to an end-of-year report released by the Atlas of Giving.
The 2013 analysis showed that while all of the measured sectors grew significantly, the biggest increases in gift revenue were among human services organizations, environmental charities, donor-advised funds, and educational institutions. Meanwhile, giving to churches and health organizations failed to keep pace with the revenue growth seen in other charitable sectors.
Researchers observed that several key factors came together to create a favorable atmosphere for philanthropy in 2013, including a 12% nationwide rise in housing prices and big jumps in stock market values. However, the lingering effects of unemployment continued to hurt churches and other organizations that rely on small gifts from a large number of donors.
The 2013 report projected that giving in 2014 would rise by 4%. However, the current data predicts more robust growth, according to Rob Mitchell, CEO of the Atlas of Giving: “Driven primarily by strong sustained stock market gains and continuing low interest rates, charitable giving is exceeding expectations in 2014,” said Mitchell. “The current revised forecast suggests that giving will increase more than 7%. Several sectors should expect double-digit growth, including the environment and human services. However, church and religious giving is expected to grow only 4.6%, and the health sector forecast has improved to just 6.1%.”
Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.
At SK Tax Associates, we do provide full range of accounting, tax, and consulting services to small to midsize businesses and individuals. It includes Individual and business tax planning and compliance, Domestic, international or Multi-state taxation, Entity planning, Accounting, Payroll, Sales & use tax. We also represent you with IRS, state and various local authorities. While offering full range of CPA firm firm related services, we also offer various consulting services from forensic claim accounting, international tax structuring, to offshore payroll processing. While our focus is to serve clients located anywhere in US or outside, we take pride for servicing clients located near us as well. Just in few years, we have served number of clients having small- mid size businesses in Schaumburg, Streamwood, Hoffman Estates, Hanover Park, Roselle, Arlington Heights, Des Plaines, Mount Prospects, Bartlett, Naperville, Skokie, Barrington and other northwest suburbs in Chicago. Together we will be the one of the fastest growing CPA firm in Chicago land.