1.2 trillion estimated to be sitting in private foundations right now, during the pandemic, is not necessarily going to move to nonprofits.
Charitable giving has been on the rise in recent years—in 2019, U.S. charities received a record $449.6 billion—and most of that philanthropy is coming in the form of big donations from a few wealthy donors. While that may seem like a good thing, especially as the top 1% keep getting richer, a new report shows how this “top heavy” giving exposes underlying issues with foundation requirements, our tax system, and who has the power to influence the world through philanthropy.
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