Report: Nevada’s corporations increase giving
With an estimated $132.5 million yearly in corporate giving, Nevadans doubled the amount donated to arts and culture,
The first issue of the 2017 High Net Worth Report series, focuses on philanthropic giving trends by Nevadans and how support of arts and cultural organizations helps build bonds throughout the community.
“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.
Charitable giving in Nevada reached an all-time high in 2014, the year of data used by Applied Analysis, which compiled the study for The Private Bank. 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.
Chris Askin, president and CEO of Reno-based Community Foundation of Western Nevada, said Giving USA reports that giving nationally has held pretty steady over the past 15 years, ranging between 1.9 percent and 2.2 percent.
The Community Foundation, itself, saw support more than double in 2016. In 2014 and 2015, the foundation received about $10 million in gift support each year, mostly from individuals, but in 2016 that more than doubled to $20.9 million, he said.
“For us, that was a combination of increased giving by individuals but also the receipt of two estate gifts that we can’t forecast the timing of when that will occur,” Askin said in an email response to questions from the NNBW.
The Private Bank study reports that 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, according to the study. 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, Nevada’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.
Corporate giving often reflects the causes supported by individuals.
“ … I have found that in talking with corporations that they are moving toward giving to support charities in which their employees have an interest,” Askin said, “and in which the company can see a return on their charitable investment over time by seeing charities effectively reduce community needs and dependence on charitable dollars, or conversely which positively build community assets important to families working and living here.”
“Here at Nevada State Bank, we contribute nearly a million dollars annually to our Nevada communities, including sponsorships of arts and cultural events,” Boesch said.
The Private Bank publishes the High Net Worth Report quarterly. Briefings will be made available on Nevada State Bank’s website at http://www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702-855-4596.
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