Charitable Giving To Arts Plummets

“With the stock market, the economy, and corporate earnings all lagging, charitable giving is in a huge slump. Total U.S. giving by individuals, companies, and foundations is likely to fall this year by about 22%, or about $47 billion, to $165 billion, estimates Charity Navigator, a New Jersey-based organization that tracks and rates charities according to their financial efficiency. Museums and other nonprofit arts organizations are being slammed the hardest: Gifts to such organizations are expected to fall by one-third, to $8 billion this year, down from $12 billion in 2002. The reason arts organizations are being clobbered so hard is pretty obvious. When faced with having to pare their giving, most people and companies reduce arts donations before they cut back on support for organizations such as the Salvation Army.”