Urban Institute: Not-for-Profit Sector is 5% of US Economy

A new report by the Urban Institute profiles the not-for-profit sector.  One big take-away from it is that charitable activities make up more than five percent of the US Gross Domestic Product.  Here are some of its other highlights:donations

  • Of the nonprofit organizations registered with IRS, 501(c)(3) public charities accounted for just over three-quarters of the nonprofit sector’s revenue ($1.65 trillion) and expenses ($1.56 trillion) and more than three-fifths of nonprofit assets ($2.99 trillion) in 2012.

  • In 2013, total private giving from individuals, foundations, and businesses totaled $335.17 billion, an increase of just over 4 percent from 2012 after adjusting for inflation. According to Giving USA, total charitable giving rose for the fourth consecutive year in 2013. However, after adjusting for inflation, giving is still lower than at its pre-recession peak in 2007 ($348.03 billion in 2013 dollars).

  • More than a quarter (25.4 percent) of adults in the United States volunteered with an organization in 2013. Volunteers contributed an estimated 8.1 billion hours in 2013, representing approximately $163.0 billion worth of work. Fewer individuals volunteered in 2013 than in 2012, and those that did spent fewer hours volunteering.

The full report is here.

 

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