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Abstract: 

It is clear that Americans are deeply committed to charitable giving, and that this commitment endures through both prosperous and challenging economic times. When equity markets—and the global economy as a whole—were rocked by multiple crises within the financial system in 2008, total giving fell for the first time in 21 years; the decline, however, was a mere 2%, from $314 million to $308 million.1 Considering that the S&P 500® index registered its largest drop in 77 years in 2008, falling 37%, this small decline in charitable giving was in fact positively impressive. While final figures are not yet available, signs point to a modest rebound during the second half of 2009, and 2010 appears to be off to an exceedingly strong start: the Fidelity® Charitable Gift Fund2—which I serve as chief compliance officer—reported the strongest first quarter for giving in its 19-year history, with incoming contributions rising 109%, to $270 million from $129 million in the first quarter of 2009.

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Affiliations:  1: Fidelity Charitable Gift Fund.