The Private Bank by Nevada State Bank released the latest edition in its High Net Worth Report series today. The first issue of 2017 focuses on philanthropic giving trends by Nevadans and how support of arts and cultural organizations helps build bonds throughout the community.
Highlights from the report include the following:
- Charitable giving by individuals in Nevada reached an all-time high in 2014. In total, Nevadans claimed nearly $1.6 billion in charitable contribution deductions, which exceeded the previous year’s total by 6.1 percent. Between 2009 and 2014, individual charitable giving increased by more than $432.5 million, a growth rate of 38.1 percent over the five-year period.
- Nevada’s high net worth households account for a significant portion of giving. In 2014, households with $200,000 or more in adjusted gross income accounted for 53.5 percent of charitable contributions. That year, high net worth households gave $839.0 million to charitable causes, which was nearly double the $425.1 million given five years earlier.
- Among the 28,280 high net worth households that claimed charitable contributions, average giving per tax return was $29,700. Average giving among high net worth households is significantly influenced by the wealthiest households. In 2014, the 2,350 households reporting $1 million or more in adjusted gross income donated an average of $249,500 and accounted for 70 percent of total giving among all high net worth households.
- Corporate giving in Nevada reached an estimated $132.5 million in 2015, according to the latest edition of the Nevada Corporate Philanthropy Report. Support for higher and K-12 education garnered the highest level of giving at 37.4 percent of donations, while arts and culture received the second-highest support at 13.4 percent of corporate giving. That figure is notable, as it more than doubled the previous year’s total of 5.6 percent and is twice the national average of 6 percent, illustrating Nevada’s growing corporate commitment to supporting arts and culture.
- From 2002 through 2012, the state’s largest charitable foundations donated $229.1 million in grants to arts and culture, which was the largest area of giving during that time period. More than half of that amount, $127.5 million, was donated between 2010 and 2012, with the vast majority of that amount ($120.9 million) directed to the Smith Center for Performing Arts.
“Over many years, Nevadans have proved their commitment to giving back to their communities and supporting many worthy causes,” said Randy Boesch, executive vice president and director of The Private Bank by Nevada State Bank. “Here at Nevada State Bank, we contribute nearly a million dollars annually to our Nevada communities, including sponsorships of arts and cultural events. I am proud of our state’s generosity, particularly the growing support of arts and cultural programs, which enlighten and inspire while building stronger ties between residents and their communities.”
The Private Bank publishes the High Net Worth Report quarterly. Briefings will be made available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
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