Five Philanthropic Trends to Watch in 2024
At the start of every new year, prognostications invariably abound. They won’t all pan out, but it’s still worth a peek into the scrying glass to check out the forecast for the next 12 months. Here’s a five-point bullet list of what those in a position to know are predicting for philanthropy in 2024. Follow the links at the end of this post to get the full picture.
A year from now, we’ll see who turns out to be right about what. Meanwhile, we recommend taking the advice offered by the Dorothy A. Johnson Center for Philanthropy: Anticipate and embrace what’s next.
1. AI — artificial intelligence — is on the rise everywhere these days, and the nonprofit sector is no exception. Eileen Heisman of Forbes Nonprofit Council says, “AI will create efficiencies and raise concerns.”
The Orr Group’s Craig Shelley, CFRE, Katie Nickels, and Campbell Lake opine that nonprofit organizations have moved past considering whether or not to use AI to figuring out how they can leverage it most effectively. Debbie Downers at The Winkler Group predict that “many will stumble”, cautioning, “AI cannot take the place of a human for building authentic relationships.”
2. This year’s US presidential election will affect the timing and focus of charitable giving, including the very real possibility of “rage giving” occurring once all the votes have been counted and the results announced.
3. DAFs (donor-advised funds) and trust-based philanthropy will continue to play a growing role in American philanthropy. Whether these philanthropic vehicles will prove to be sustainable over the long haul remains to be seen.
4. Depending upon whether you’re a pessimist or an optimist, either economic uncertainty is going to hinder donor generosity or a growing economy will support a rise in philanthropic giving this year.
Changes to laws around charitable deductions — e.g., the 2025 expiration of the 2017 Tax Cut and Jobs Act (TCJA) along with proposed legislation such as 2023’s Charitable Act and bipartisan Universal Charitable Deduction — will also be a key factor in determining whether philanthropic purse strings are tightened or loosened.
5. 2024 is going to be the year in which the next generation of charitable givers start stepping up to the plate. Notes Forbes Nonprofit Council’s Heisman, “For years, the financial and philanthropic sectors have anticipated the great wealth transfer. It is here, and next-generation donors are making themselves known.”
As a result, building relations with donors (especially younger ones) is going to be more mission-critical than ever. The Winkler Group recommends getting to know your donors’ philanthropic priorities, then showing them how you can be their partner in solving problems about which they care deeply; Giving Tuesday CEO Asha Curran points out that it pays to intentionally engage younger supporters, because they become bigger givers later in life. Just don’t entrust your donor CRM to AI!
Check out the links below for a more detailed and nuanced survey of 2024 trends in philanthropy as predicted by several influential thought leaders, including the Dorothy A, Johnson Center’s downloadable report, 11 Trends in Philanthropy for 2024.
What’s Next: Trends in Philanthropy for 2024
https://johnsoncenter.org/blog/11-trends-in-philanthropy-for-2024/
11 Trends in Philanthropy for 2024
https://johnsoncenter.org/wp-content/uploads/2024/01/11-Trends-for-2024-Report.pdf
https://orrgroup.com/2024-trends-in-philanthropy-navigating-a-new-era-of-giving/
2024 Trends In Philanthropy: Navigating A New Era Of Giving
https://winklergroup.com/resources-and-events/trends-that-will-impact-fundraising-in-2024/
Trends That Will Impact Fundraising in 2024
20 Nonprofit Experts Share Trends To Watch In 2024
https://www.philanthropy.com/article/5-trends-fundraisers-need-to-watch-in-2024
5 Trends Fundraisers Need to Watch in 2024