U.S. Charitable Giving Outpaced Inflation in 2024 According to New Giving USA Report

Though 2025 has so far been defined by uncertainty for nonprofits, there is a silver lining in the 2024 metrics released today in Giving USA’s Annual Report on Philanthropy. For the first time in three years, growth in giving outpaced inflation, with a 3.3% adjusted increase compared to 2023, and an increase of 6.3% when measured in current dollars, raising total giving to an estimated $592.50 billion. This increase aligns closely with the average annual growth seen over the past four decades (5.5% in current dollars, 2.7% adjusted for inflation), a reassuring sign for the sector’s long-term stability. 

Growth Driven by Individuals and Corporations 

• Giving by corporations increased by 9.1%, 6% when adjusted for inflation. 2024 marked a new high for corporate giving, in both current and inflation-adjusted dollars.
• Giving by individuals—which makes up two-thirds of all giving—increased by 8.2%, 5.1% when adjusted for inflation.
• Foundations reported a 2.4% increase, which when adjusted for inflation remained relatively flat. However, the strong stock market contributed to increased foundation asset values, helping foundation grant-making surpass the $100 billion mark for the third straight year.
• Bequest giving saw a slight decline (-1.6%, adjusted -4.4%), but bequest giving levels have often fluctuated from year to year. 

Growth Seen Across Sectors
Charitable giving increased across all recipient categories in current dollars, with seven of nine sectors seeing inflation-adjusted growth. Notably:

• Public-society benefit organizations saw the largest gains (↑19.5% current, ↑16.1% adjusted). In this report, DAFs are counted based on where the fund is housed, so DAFs housed within community foundations are counted in gifts to foundations, while financial organizations like Fidelity and Vanguard DAFs are accounted for within public-society benefit. Given the recent rise in giving to DAFs, and how much of DAF contributions are given to these types of national sponsors, it is possible that some of this growth in the public-society benefit category is due to DAFs, though this is not specifically explored in the report.
• International affairs (↑17.7%; ↑14.3%) and education (↑13.2%; ↑9.9%) rebounded strongly after 2023 declines.
• Religious organizations received the most donations (146.54 billion) but saw one of the only declines in growth (-1% adjusted for inflation).
• Education, health, arts/culture/humanities, and environment/animals all hit all-time highs, even when adjusted for inflation. 

What this Means in 2025
Giving USA cites economic factors including a robust stock market, increased personal income, and GDP growth for the increases in giving in 2024. In 2025, these metrics will undoubtedly be impacted by the policies of the new administration. For example, the increased tariffs, which are the highest seen since the 1930’s, and the resulting uncertainty about their impact, are expected to contribute to slowed economic growth and a potential increase in inflation. This is evident in economic predictions by the Organization for Economic Cooperation and Development, which estimated in a June report, that GDP growth in 2025 will slide to 1.6%, compared to 2.8% in 2024. 

So, while fundraisers may not be able to count on economic tailwinds this year, there are clear, actionable strategies they can use to sustain and grow philanthropic support despite an uncertain climate.

• Emphasize Impact and Transparency with Individual Donors: During COVID, despite challenging economic conditions, individuals continued to support the causes they care about, because they knew they were in need. Nonprofits facing cuts from other funding sources need to be transparent with individual donors. Avoid partisan language but share the facts about how recent policies are impacting your nonprofit’s ability to accomplish its mission. Emphasize your donors’ ability to partner with you to sustain your impact in your community. Check out this article about fundraising in challenging times to learn more.
   
• Don’t Be Afraid to Innovate: In times of economic uncertainty, it may feel counterintuitive to invest in new fundraising tactics—but if your organization is facing declines in giving, now is exactly the time to try something different. Innovation doesn’t have to mean large-scale reinvention; it can start with piloting a monthly giving program, launching a giving circle, making it easier to accept gifts from donor-advised funds (DAFs), or exploring how AI can streamline stewardship and personalize donor outreach. Staying static in a changing environment is a greater risk than experimenting with new strategies that can engage donors in fresh, meaningful ways. Check out AFP’s recent podcast episode, Innovation, Inclusion, and Transparency in Fundraising, to hear more about innovation in fundraising today.
   
• Strengthen Stewardship Efforts for Increased Retention: As evidenced by recent Fundraising Effectiveness Project reports, donor retention—especially among first-time donors—remains one of the nonprofit sector’s most persistent challenges. With the gains seen in 2024, it’s more important than ever to ensure those new and returning donors continue their support in 2025 and beyond.
  
  Improving retention starts with intentional, consistent stewardship.
   
  • Cultivate a Culture of Gratitude: Creating a culture of gratitude means embedding appreciation into every part of your organization’s donor engagement. Go beyond transactional receipts by prioritizing timely, personalized thank-you messages that make donors feel seen and valued. Thoughtful gestures—like a handwritten note, a thank-you call from a board member, or a short video from a program participant—can leave a lasting impression and deepen donor loyalty.
    
    To truly build this culture, involve your entire organization in stewardship—not just the development team. When program staff, leadership, and board members actively participate in expressing thanks, it reinforces a shared commitment to donor relationships and demonstrates that appreciation is part of your organization's DNA. Gratitude should be a team-wide value, consistently practiced and meaningfully expressed.
     
  • Design Tailored Donor Journeys Through Segmented Stewardship: To foster lasting donor relationships, organizations should create thoughtful donor journeys that reflect each supporter’s unique place in the giving lifecycle—whether they are new, recurring, or re-engaging. These journeys should include a variety of content, such as gratitude messages, impact updates, behind-the-scenes insights, and invitations to get more involved.
    
    Effective stewardship also means segmenting your outreach based on donor history, giving level, and interests. By using automation tools and AI, nonprofits can scale personalized communication without sacrificing authenticity—ensuring each donor feels known and appreciated rather than just another name in a database.
    
    Finally, celebrating donor milestones—such as giving anniversaries, cumulative gift thresholds, or birthdays—adds another layer of meaningful connection. These small but intentional gestures demonstrate genuine appreciation and help strengthen long-term donor loyalty.

As the sector reflects on the encouraging growth of 2024, the message for 2025 is clear: resilience requires both intention and innovation. While economic headwinds may complicate the road ahead, fundraisers are not without tools. By doubling down on donor stewardship, embracing new approaches, and maintaining transparency about the challenges facing their missions, nonprofits can build lasting relationships that sustain them through uncertainty. The gains of 2024 don’t have to be an anomaly—they can be a foundation. Now is the time to be bold, grateful, and strategic in forging a more resilient future for philanthropy.