Source: The Private Bank by Nevada State Bank's High Net Worth Report, which can be found at www.nsbank.com/HNWreport.
The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series on Oct. 27, summarizing recent charitable giving trends.
"The COVID-19 pandemic emphasized the importance of (charitable) organizations and their programs, but it also strained the financial resources that they rely on," according to the report. " ... Established income streams from corporations were disrupted as many businesses across the United States were directly affected by the pandemic and related response. This was also true for many households that experienced employment disruptions and overall economic uncertainty."
Still, charitable giving in 2020 "actually increased, largely due to higher giving levels by individuals," according to the report.Highlights from the Oct. 27 report — the third edition issued this year by the bank in its High Net Worth Report series and prepared in partnership with Applied Analysis — include:
“During an unprecedented time, when it was needed the most, we saw individual households remain committed to charitable giving,” James Rensvold, Executive Vice President and Director of Private Banking for NSB, said in a statement. “The pandemic response created an immediate strain on valuable resources for charitable organizations, particularly on corporate donors. Nevada households that gave to charity stepped up in 2020 to help fill the gap, increasing giving at a time our state needed it the most.”
- Nationally, charitable giving rose to $471.4 billion, an increase of 5.1 percent over 2019. Giving by individuals totaled $324.1 billion, an increase of 2.2 percent over the prior year.
- Nevada households that made charitable donations gave 15.4 percent more to charities and other philanthropic organizations in 2020 on average than they did in 2019. This was an increase of about $55 per household compared to the prior year.
- In 2020, 90 percent of surveyed nonprofits in Nevada reported at least some decline in giving from individuals. A year later, almost 55 percent of Nevada nonprofits reported stable or increased giving by individuals.
- In 2020, almost nine in 10 surveyed nonprofits in Nevada reported some decline in contributions from corporate donors due to the pandemic. In 2021, just over half of nonprofits indicated they were continuing to experience a decline in corporate donations.
- Prior to the pandemic, Nevada businesses continued to increase support for charitable organizations. Corporate giving in Nevada totaled $527.1 million in 2019, up 0.4 percent over 2018.