Giving by the Rich to Remain Strong in 2008

Chronicle of Philanthropy

Despite the weak economy, charitable giving by the rich could increase this year compared to 2007.

That is the rather optimistic prediction of Crown Philanthropic Advisors, a New York firm that sells technology platforms for donor-advised funds. The firm’s survey of donors and advisers showed that the wealthy–those with $2 million or more in investable assets–are unlikely to cut back on charitable giving this year.

William Hewitt, the firm’s national marketing chief, said that giving by the mass affluent–those with $100,000 or more invested–is likely to be cut back. He said giving by this group declined in the first quarter, according to the survey.

Yet the affluent, he says, are more affected by weak housing prices, falling stocks and rising prices. Companies also are planning to keep their giving flat this year. A recent survey of 77 businesses by the found that 50 would keep their giving the same as last year, while 21 expected an increase, and six said their donations would drop.