The woes of the global charity industry are deepening as donations – both smaller individual gifts and philanthropy – continue to contract while demand for the services of non-profit organisations keeps mounting.
Charity officials and experts harbour little hope for a meaningful recovery in 2013. Individual donations – the single biggest source of revenue for most charities – have shrunk sharply in many western countries. Bigger gifts from philanthropists and endowments have also slumped after the financial crisis took its toll on their assets.
The US Million Dollar List, which gathers information on donations above $1m, shows that philanthropic giving in the country has contracted from $43bn in 2007 to $11bn this year.
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