October 27, 2021
NSB's Private Bank Report Summarizes Recent Charitable Giving Trends Throughout The U.S. and Nevada
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 3 of 2021 summarizes recent charitable giving trends in the United States and in Nevada. Using data from several sources related to charitable giving and household expenditures, this report includes the most recent data on giving through the COVID-19 pandemic, providing insight into how the public health crisis impacted revenue streams that charitable organizations rely on.
Highlights from the current issue include:
- Nationally, charitable giving rose to $471.4 billion, an increase of 5.1 percent over 2019. Giving by individuals totaled $324.1 billion, an increase of 2.2 percent over the prior year.
- Nevada households that made charitable donations gave 15.4 percent more to charities and other philanthropic organizations in 2020 on average than they did in 2019. This was an increase of about $55 per household compared to the prior year.
- In 2020, 90 percent of surveyed nonprofits in Nevada reported at least some decline in giving from individuals. A year later, almost 55 percent of Nevada nonprofits reported stable or increased giving by individuals.
- In 2020, almost nine in 10 surveyed nonprofits in Nevada reported some decline in contributions from corporate donors due to the pandemic. In 2021, just over half of nonprofits indicated they were continuing to experience a decline in corporate donations.
- Prior to the onset of the COVID-19 pandemic, Nevada businesses continued to increase support for charitable organizations. Corporate giving in Nevada totaled $527.1 million in 2019, up 0.4 percent over 2018.
“During an unprecedented time, when it was needed the most, we saw individual households remain committed to charitable giving,” said James Rensvold, Executive Vice President and Director of Private Banking. “The pandemic response created an immediate strain on valuable resources for charitable organizations, particularly on corporate donors. Nevada households that gave to charity stepped up in 2020 to help fill the gap, increasing giving at a time our state needed it the most.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 63 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com.
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