Will the Economic Situation Affect Your Giving This Year, Boomers?
Like other baby boomers, I donate to my favorite college. Many boomers give to their alma mater, either for the sports program they love or to fund specific capital giving. But the economic situation has all that giving in jeopardy.
FoxBusiness reports that alumni giving is not much affected by changes in economic situations, because alumni figure that giving back is part of their “dues” for what the school gave them. I’m not sure I agree with that. Given the choice between re-funding my IRAs and giving to my undergrad institution, I think I’d choose the former. This is especially true of those Baby Boomers who are nearing or at retirement.
And college athletics seems to be taking a hit (pardon the pun) from the economic situation. Allison at BCS Frenzy reports that Oklahoma State is cutting back on spending for athletics because of the downturn.
In another example, an attempt to make light of the current economic situation backfired for Framington State College (Massachusetts), which was attempting to gain donations from recent grads. This one was reported by the Chronicle of Higher Education; you can read the ill-fated donation letter in the article.
As we come to the end of a year, many of us are looking closely at our financial situations and considering giving as a way to offset taxes. Will you be giving as much this year, to save on taxes; or will you cut back instead? Vote on my poll and let me know. Or send me a comment.