INDIANAPOLIS — Charitable giving reached a historic level of $240 billion last year despite the slow economy, according to Giving USA, a report released by the American Association of Fundraising Counsel (AAFRC). The study, which was conducted by the Center for Philanthropy at Indiana University, found a growth of 1 percent in charitable giving since 2001. When adjusted for inflation, however, giving in 2002 dropped by half a percent. But given the economic slump, philanthropists were pleased to see levels of charitable giving holding steady.
“Donors have strong commitments to charity,” Leo P. Arnoult, the chair of the AAFRC Trust, said in a statement. “Given the economic difficulties and other uncertainties of 2002, growth in giving is proof of our nation’s philanthropic resilience.”
About 70 percent of American households donate money to charity in a given year, John J. Glier of the AAFRC said. Donations by individuals and corporations increased in 2002, while grants from foundations declined.
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