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Bequest Giving Declined in 2024–Should Nonprofits Be Concerned?

You may have seen recent headlines saying that bequest giving dropped by 4.4% in 2024, according to the newly released Giving USA report. For many nonprofit professionals, this decline raises questions about the health of planned giving programs and what it means for future fundraising. But a deeper look reveals that this year’s dip is no reason to panic and may even serve as a reminder of the importance of legacy giving efforts.

First, it’s important to remember that bequest giving is naturally volatile. Unlike annual gifts, bequests often come in large, irregular amounts and are influenced by factors ranging from estate settlement timelines to market performance and demographics. Still, despite the dip in 2024, bequests accounted for a meaningful 8% of total charitable giving, which is a strong signal that legacy giving remains a key pillar of long-term nonprofit sustainability.

At the community foundation, we work alongside nonprofit leaders to strengthen endowments and attract legacy gifts. Sometimes that means managing an organization’s reserve or endowment fund. Other times, it means helping a charity accept complex donations, like real estate or closely-held business interests. Across the board, our goal is to support long-term financial health through diversified giving strategies.

Here are three takeaways from the Giving USA report that may be helpful to share with your leadership team or board.

Individual donors still drive giving.

Even with ups and downs, individuals remain the backbone of charitable support in the U.S. Prioritizing relationships and engagement is key.

Economic trends matter.

Stock market performance, inflation, and broader financial conditions all impact giving levels, especially major and legacy gifts.

Bequests remain essential.

Despite fluctuations, bequest giving plays a vital role in nonprofit financial planning. Investing in planned giving outreach today can pay dividends for years to come.

If your team is considering ways to expand your planned giving efforts or strengthen your endowment, the community foundation is here to help. We’d be glad to present to your board, share proven strategies, and explore ways to attract transformational gifts that will sustain your mission far into the future. Reach out anytime and know that we’re here for you.