Usually, the stories we come across that deal with large amounts of money often detail the exchange of millions or billions of dollars between huge companies in mega-mergers and pricy business deals. But there are others shelling out cash every day, and they’re giving it to charitable organizations to the record-breaking tune of $1 billion per day.
According to a report released today by the Giving USA Foundation, which conducts research and education on philanthropy, Americans are donating money to charity more than ever before: total charitable donations from individuals, estates, foundations, and corporations rose around 4% in 2015, to $373.25 billion.
That’s “record-setting whether measured in current or inflation-adjusted dollars,” the report says, adding that it means on average, Americans are giving more than $1 billion to charity every day of the year.
Individual Americans were the most generous group of givers, donating $264.58 billion in 2015, a 3.8% increase from the previous year, and about two-thirds of the total charitable donations for the year.
Contributions were up on all fronts from 2015, however: foundation giving rose 6.5% to $58.6 billion; corporate giving had a 3.9% uptick to $18.45 billion; and charitable bequests went up by 2.1% to $31.76 billion.
“But these findings embody more than numbers — they also are a symbol of the American spirit,” Giving USA Foundation Chair W. Keith Curtis said. “It’s heartening that people really do want to make a difference, and they’re supporting the causes that matter to them. Americans are embracing philanthropy at a higher level than ever before.”