Philanthropy Project Background
During the fiscal cliff debate in recent years, tax deductibility of charitable donations has been a big target. Some are proposing to reduce the “cap” on such deductions from 39.6% to 28%. Some are talking about a flat amount for all itemized deductions. The Philanthropy Roundtable estimates that a reduction to 28% could result in a $5.6 billion decline in giving in one year.
None of us know how this might impact Nantucket, but we think we should. We all recognize that a large reduction in Nantucket giving would be felt by the people who benefit from the work of public charities, not by the donors. Anecdotal stories of our work are easy to find and make a big impression. We believe that quantifying the impact is equally important.
The Community Foundation invited a group of Nonprofit leaders to discuss how we might develop a broader understanding of Philanthropy on Nantucket, so that we, the nonprofit community, can better tell our story of efficiency and good stewardship to donors, directors, legislators, neighbors, and others. We developed a plan to create a Report on Nantucket Philanthropy, and have made it available to all the nonprofits who participated.
The Executive Summary of results is included here.
Future plans include moving forward with yearly data collection from our nonprofits in hopes of getting a better understanding of Giving on Nantucket.