Americans' Charitable Giving Hits a Record

Americans gave a record amount to charity in 2007, topping $300 billion for the first time, despite mounting economic worries.

Still, there are indications that slowing growth is taking a toll on giving. The 3.9% increase in donations last year was far less than spikes of roughly 10% and 13% in 2004 and 2005, respectively. In addition, researchers revised 2006's giving increase downward to a meager 0.4% from 4.2%.

Americans donated $306.39 billion last year, according to the closely watched annual report from the Giving USA Foundation, a nonprofit educational organization in Glenview, Ill. After adjusting for inflation, donations rose only 1% from the roughly $295 billion donated in 2006.

The report culls data from the Internal Revenue Service and Bureau of Economic Analysis, among other sources. The findings are preliminary estimates and subject to revision.

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