GivingTuesday collected a record $3.1 billion in 24 hours for charitable organizations in the U.S. earlier this week, as the event that began as a hashtag in 2012 celebrated its 10th anniversary and its status as a fundraising mainstay for NGOs, according to the group’s CEO on Wednesday.
Asha Curran, CEO of GivingTuesday, stated that despite the rough economic year that many households have endured due to the impact of inflation on the prices of basic groceries, gas, and housing, individuals were still willing to donate.
She told the Associated Press, “Yesterday, this is exactly what we witnessed.” “That regardless of what individuals are suffering, they were as generous as they could be.”
Donations decline prior to Giving Tuesday due to increased consumer prices. 05:35
GivingTuesday anticipated that donations climbed by around 15% from $2.7 billion in 2021, exceeding inflation. Donations were tallied using a variety of data sources, including big community foundations, companies that offer fundraising tools, the payment processor PayPal, and large grantmaking organizations such as Fidelity Charitable and Vanguard Charitable. Curran stated that their process for estimating aims to eliminate redundant data points.
The durability of donor-advised funds
Fidelity Charitable announced on Tuesday that for the first time since the beginning of 2018, the value of grants from its donor-advised funds surpassed the amount of investments entering into the funds.
The organization reported that this year’s totals marked the highest amount contributed on the Tuesday following Thanksgiving since it began keeping track.
The hashtag to promote fundraising on the Tuesday following Thanksgiving began in 2012 as a project of the 92nd Street Y; in 2020, GivingTuesday became an autonomous nonprofit entity. Additionally, the organization has begun a campaign to raise $26 million over five years in order to increase its donating database.
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Curran stated that in the eleventh year of NGOs and donors commemorating the day, individuals continue to demonstrate extraordinary generosity.
“They contribute in numerous ways. It is not usually monetary in nature. It frequently involves the community. It is really communal. It has much to do with the perception that individuals are fractals of a larger whole “Curran stated. “Yesterday was yet another confirmation of this.”
»GivingTuesday raises $3.1B in challenging economy«