Here are a few predictions for major giving trends in 2023.
If you asked most people what would happen in 2022, the vast majority would not have been able to predict the financial roller coaster that was 2022, or that charitable giving would remain strong. From 40-year highs in inflation and increasing prices in Treasury yields, to volatility in the stock market, “uncertainty” could have been the word of the year. If 2022 brought fresh humility, then we should certainly utilize it as we set expectations for 2023.
People are also reading… Second, donors still want to be tax-smart. As wages were strong and equity prices were still quite appreciated over the last five-year period, the tax-savings opportunity alongside giving to charity remained significant. No matter what the year’s volatility looks like, donors make plans to reduce the year’s tax bill.
2. Trust-Based Philanthropy Will Reach Mainstream Adoption.Philanthropist MacKenzie Scott has catalyzed a tremendous amount of awareness and buy-in on “trust-based philanthropy” with her unrestricted donations to thousands of nonprofits now totaling over $14B. Trust-based giving is about building funder-grantee relationships that are more power-equal and trusting of nonprofit executives to execute with excellence and transparency.
With an estimated $30 trillion expected to be passed down from Boomers to Generation X to Millennials over the next 30 years, we expect giving related to estate/legacy planning to accelerate in 2023.
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