The contribution to social welfare by nonprofits in the world today is well documented. Philanthropic organizations are known the world over for the great work they do in reducing distress and suffering among communities. One notable example of really impactful nonprofit organizations on the planet is the Salvation army.
This organization receives donations from well wishers and uses them to serve people who are in distress in the 109 countries in which it has a presence. In 2016,the largest donors in the U.S gave a combined 5.6 dollars to not for profit organizations,according to The Chronicle of Philanthropy. There was a drop in the level of donations given between 2014 and 2015,and one hopes this trend will be reversed in the coming years. 16 of the donors on the Philanthropy 50 list had made their money in finance,while the first four positions were taken by companies in the technology field. It is noteworthy that 9 of the 50 biggest donors on the list accounted for 20% of the total amount raised towards philanthropy. We have learnt who in general gives towards philanthropy,and now it is about time we got to know who receives all these funds.
Read on to know where the 5.6 billion dollars went.
Learning institutions such as colleges and Universities received about 50% of the contributions from the wealthy in the U.S. It is possible colleges and universities benefited most from the donations because some of people on the donors list had been students of those organizations.
It appears like some of the truly wealthy really love art. 293 million dollars of the dollars given went to museums!Can you believe that 293 million dollars were given to museums? 175 million dollars of the donations found home in two museums located in the United States. 75 million dollars went to The Los Angeles County Museum of Art while 100 million of the gift benefited New York’s Museum of Modern Art.
The wealthy gave 5.9% of their gifts to DAFs(Donor-Advised Funds),and this is where a majority of the nonprofits fall. Some people on the donors list at this website choose to work with public charity,an arrangement that allows them to make decisions relating to who actually receives the funds over time.
This is a beautiful arrangement that lets the wealthy giver save a lot of money through taking advantage of certain tax laws that allow donations given to public charity to be deducted from the taxable income of the person or their company,and at the same time,build a fund that keeps nonprofits doing what they do best-bettering the lives of their communities, click here to get started!
Having a good rapport with the public charity is a good idea as there is chance that some of the donors may ask for recommendations on the charities to receive their gifts.