Despite the recent shakeout in the high tech sector, American donors of all types are on a record-setting pace for generosity, the Associated Press reports.
While the AP survey is far from scientific, the various groups contacted by the news service -- ranging from regional nonprofits to large charities, foundations and associations -- report that contributions they've received so far this year at least equal 1999 levels, and may go well beyond those amounts.
Charitable giving by individuals, corporations and foundations in the U.S. last year exceeded $190 billion, a record total.
If any groups see a downturn, it's likely to be those in California's Silicon Valley, where tech stocks are well off recent levels. However, Jack Shakely, president of the California Community Foundation, said that even though some dot-com donors have seen their finances decline, they 're still being generous. Shakely also said "there's no way" recent, unprecedented wave of generosity could be kept up indefinitely.
Despite the tech market's downturn, the Internet has helped many charities. The Volunteers of America organization has expanded its sidewalk Santa Claus operation to an online service, and spokesman Carl Ericson said donations are 25 percent higher than last year.
Matt Howe -- executive director of the National Alliance for Choice in Giving, which promotes donations to social justice and environmental nonprofits -- reported that alliance members have seen a 10- to 20-percent increase in giving this year.
Eugene Temple, executive director of the Center on Philanthropy at Indiana University, said many wealthy donors likely won’t cut back on their giving because they have amassed big gains over several years.
Loren Renz, vice president for research of the New York-based Foundation Center, attributes the increase in grants by foundations to endowments that grew significantly in the 1990s. She said that many foundations are largely insulated from market downturns, because they've diversified their portfolios to reduce risk.
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