It's one of the most important ways you can help your clients support their beloved charities.
Peter Drucker once wrote, “Only the social sector, that is, the nongovernmental, nonprofit organization, can create what we now need, communities for citizens.”
Charitable giving is an essential component of American society. In 2019, for example, total giving by individuals (including bequests), foundations, and corporations reached nearly $450 billion, according to Giving USA 2020: The Annual Report on Philanthropy for the Year 2019, released this summer.
Unfortunately, COVID-19 is taking its toll on nonprofit organizations and philanthropic institutions. In a report recently released by Deloitte's Monitor Institute, the writers offer their predictions for how charities will fare, depending on how the pandemic--and our response to it--play out. Early evidence shows total 2020 giving will decline significantly. According to the Chronicle of Philanthropy, giving declined six percent during the first quarter of 2020, translating to $5 billion in lost revenue to nonprofit organizations.
One of the most important ways you can help your clients support the charities they care about is to do everything you can to keep clients informed about the increasing challenges faced by the social sector. We encourage you to reach out to the team at the community foundation to answer questions and provide resources to share with your clients to help them help the causes they love.