Giving in America

In June, Giving USA reported a rare decline, 3.4%, in charitable giving by Americans in 2022. Though giving totaled nearly $500 billion, officials cited high inflation and the stock market’s pullback as reasons for the decline from $516 billion of total giving in 2021. Despite households’ financial pressures, 64% of giving came from individual donors. Dig into this compelling infographic for a comprehensive look at the state of philanthropy in America. Your clients favorite charities likely need their support more than ever, and working with CFAAC can help them achieve their philanthropic goals. 

NIL collectives: DOA?

NIL collectives are popular in some higher education circles, but that may be changing. Contributions to these entities may not be tax-deductible, according to the IRS in a May 23, 2023 memo. This development serves as an excellent reminder that private benefit and charitable tax exemptions do not mix well. 

Even more reasons to talk about philanthropy with your clients

Make philanthropy a regular topic of your client conversations. Not only can it be an easy icebreaker, but also it can promote strong organic client growth, according to studies. And as this article points out, the combination of client dissatisfaction, wealth transfer, and the affluence of future generations can be an opportunity for advisors. CFAAC is here to help. Call us at 410.280.1102 or email us at info@cfaac.org.