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The economy’s upward trend contributed to Americans’ growing generosity, the report said. Likewise, proposals in Washington, D.C., to cap the charitable tax deduction may have nudged some donors to prepay gifts they had intended to make in 2013.
Corporate donations, meanwhile, grew 12 percent, considerably faster than individual donations, the report said. The $18 million donated in 2012 included cash, in-kind donations and grants from corporate foundations. Those donations account for 6 percent of charitable giving.
The growth in corporate giving may be tied to increased profits. For 2012, corporate pretax profits surged to more than 16 percent, according to the Bureau of Economic Analysis, a fact cited in the report.
But corporate funding has become more targeted, the report said, focusing on causes closely aligned to the mission of the corporation. A company that manufactures medical devices, for example, may focus more tightly on health causes.
While philanthropy has turned the corner, it’s still not exploding. Osili estimates it will take six to 10 years before it returns to its 2007 peak.
Jean Hopfensperger • 612-673-4511