From Yahoo! Finance: Bank of America Announces Initial Findings of Landmark Philanthropy Study (HT Acton PowerBlog)
BOSTON, Oct. 26 /PRNewswire/ — Bank of America today released the initial results of the most comprehensive survey to-date of the philanthropic behavior of wealthy Americans. The Bank of America High Net-Worth Philanthropy Study was conducted by The Center on Philanthropy at Indiana University for Bank of America.
At present date, the study reflects the opinions of nearly 1,000 respondents throughout the United States with household income greater than $200,000 and/or net-worth of at least $1,000,000, a result of randomly surveying over 30,000 households in high net-worth neighborhoods across the country. Bank of America, one of the nation's largest corporate donors and provider of a full array of charitable services to wealthy individuals and nonprofit institutions, sponsored the study.
Among the key study findings:
- Giving back" is more important than "leaving a legacy"
- "There is a surprising correlation between donations of time and dollars
- "Wealthy donors report that even major tax policy changes would not impact their giving
- "Entrepreneurs are especially generous donors
- "Charitable giving increased over the last five years
- "Wealthy donors support a broader array of causes
In discussing the need for the study, Cary Grace, Bank of America Philanthropic Management national executive, said, "Philanthropy in the United States is evolving dramatically. With the wealthiest 3% of American households responsible for nearly two-thirds of charitable giving, Bank of America wanted to provide its clients — both the individuals that give and the nonprofit institutions that seek their donations — the most comprehensive view to-date of the charitable giving trends and motivations of wealthy and affluent Americans."
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