Social Content Service Sheds Light on New Revenue Development Solutions for Non-Profits Amid Fluctuating Donations and Tax Law Changes

Photo Credit: SCS

NEW YORK - July 26, 2023 (VSNewsNetwork.com) - According to a recent release by SCS, non-profit organizations are learning to navigate fluctuating donations and evolving tax laws by adopting innovative fundraising strategies. James Dean, Director of SCS, is at the helm of this initiative, guiding non-profits through this challenging landscape.

The SCS report notes that donations to American non-profits fell for the fourth time in 40 years in 2022, with a decline of 3.4% amounting to $499.3 Billion. These figures represent a decline of 10.5% when adjusted for inflation. With the introduction of the Tax Cuts and Jobs Act (TCJA) in 2017, tax deductions for charitable contributions have become more complex, further affecting non-profits' financial resources.

The release quotes James Dean stating, "The changes in tax codes have pushed many grassroots community non-profits to a crossroads, leaving them scrambling to survive." He refers to the 2022 tax law changes that limit the claim of cash donations to charity while taking the standard deduction and set a cap on cash donations to 60% of the adjusted gross income.

Despite these challenges, the SCS report indicates potential growth in the non-profit sector. The nonprofit organization market, valued at $276.72 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 4.53% from 2023 to 2029, reaching nearly $377.34 billion by 2029. In Q1 2022 alone, non-profits contributed $1.4 trillion to the U.S. economy, exceeding the overall GDP growth by 1%.

Read Full Article "Non profit Fundraising Donations at Crossroads" - Click Here www.socialcontentservice.com/post/non-profit-donations-at-crossroads

Source: SCS via PRLog.com