Tuesday’s donation raises a record $3.1 billion for charities despite inflation

Earlier this week, a record $3.1 billion in 24 hours for charity in the United States, as GivingTuesday marks the 10th anniversary of the event, which started as a hashtag in 2012, and lays the foundation for fundraising for nonprofits, the group’s leader said on Wednesday. He said he had earned an income.

GivingTuesday CEO Asha Curran said people are still willing to give, despite a tough economic year that many households are experiencing with inflation in the costs of essential goods, gas and housing.

“This is what we really saw yesterday,” he told the Associated Press. “Whatever people went through, they were as generous as their capacity.”

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GivingTuesday estimates that giving has outstripped inflation, up about 15% from $2.7 billion in 2021. Donations were collected using a range of data sources that included major community foundations, companies offering fundraising software, payment processor PayPal, and major donors such as Fidelity Charitable and Vanguard Charitable. Curran said their predictive compilation methodologies aim to eliminate duplicate data points.

In another measure of the resilience of donations, Fidelity Charitable said on Tuesday that for the first time since 2018, the value of grants from donor-advised funds exceeded the value of investments going into the funds.

On July 14, 2022, US$100 bills appeared in Marple Township, Pennsylvania.
(AP Photo/Matte Slocum, File)

The organization said this year’s totals are the largest donated the Tuesday after Thanksgiving since the group began watching.

The hashtag, which promotes fundraising on the Tuesday after Thanksgiving, began as a project by 92nd Street Y in 2012, and the GivingTuesday organization became an independent, nonprofit in 2020. to give.

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Celebrating the tenth anniversary of nonprofits and donors, Curran said people continue to show incredible generosity.

“They give in many ways. It doesn’t always have to do with money. Usually it has to do with the community. It’s very collective. It has a lot to do with people feeling like fractals of a larger whole,” Curran said. “And yesterday was confirmation of that once again.”

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