Here’s How the Pandemic Changed Charitable Giving In 2020

Despite the pandemic, do you still find yourself being charitably inclined? Most affluent Americans — about 90% — gave to charitable causes in 2020, with a third of them giving more than in the past to organizations focused on meeting basic needs, according to research from the Bank of America and the Indiana University Lilly Family School of Philanthropy. 

There were some shifts in charitable giving, the bank found. More wealthy donors supported local community needs than usual, and there was an increase in unrestricted gifts — those that the nonprofit can use how it sees fit instead of for a specific purpose required by the donor.

As we continually discuss, donor advised funds are a great way to support your charities of choice and make a strong impact in the world, while also benefiting your tax situation. Check out our recent podcast with Elizabeth Goldstein at the Jewish Federation of Greater Washington as we discuss everything you need to know about donor advised funds. At Sherman Wealth, we are honored to be able to give back to the local community, including organizations such as So What Else, Nourish Now, A Wider Circle, and The Jewish Federation Of Greater Washington. What local charities are near and dear to your heart? Let us know at info@shermanwealth.com.