Both U.S. corporations and community foundations increased their giving to nonprofits in 2008 despite a worsening economy, although the trend may not continue, experts say.
The Committee Encouraging Corporate Philanthropy said its annual survey of leading U.S. companies (PDF) found that 53 percent increased their giving last year, with 27 percent reporting year-over-year increases of 10 percent or more. Philanthropy continued to grow despite the fact that almost 70 percent of companies surveyed said their profits declined or they suffered a loss between 2007 and 2008.
Meanwhile, the Foundation Center's Key Facts on Community Foundations report (PDF) found that the 717 community foundations in the U.S. increased their giving by 6.7 percent last year, with total donations reaching $4.6 billion. Community foundations now account for 10 percent of all foundation grants, and now surpasses corporate giving, the report said.
However, three-quarters of the community foundations surveyed said they planned to cut back on their giving in 2009.