With tax filing day here – for both individuals today and then in May for many foundations – my thoughts are turning to discerning the latest charitable giving trends here in Ohio. This past year being reported on during this filing season is likely the last year for which we’ll be able to report comprehensively on individual giving.
That’s because we rely on the information individual Ohioans provide to the IRS on their annual, itemized returns that list their charitable contributions they can deduct from their taxes. Changes in the federal tax code through the Tax Cuts and Jobs Act are expected to drastically reduce the number of individuals who itemize this year: it’s estimated that 90 – 95% of individuals will now take the standard deduction rather than itemize their deductions, and we’ll lose all of that data about their charitable giving.
We’ll still be able to track charitable donations from those at the higher income levels as they will still itemize, but that will be an incomplete picture at best. And, of course, we’ll still be able to report on the giving by foundations and other grantmakers.
But that’s all in the future. Let’s focus today on what we know about charitable giving in 2016, the most recent data we have compiled and analyzed.
Total charitable giving in Ohio reached $8.02 billion.
Ohioans gave 2% more to charities in 2016, for a total of $5.98 billion.
Foundation giving totaled $1.64 billion, down 2% in 2016.
The number of foundations grew slightly to 3,634.
Foundation assets grew modestly, to $24.15 billion.
Stay tuned, our full infographic and report will be released soon!
Claudia Y.W. Herrold
Interim Presdient & CEO