Record-setting gifts from individuals in 2015

PITTSBURGH, Feb. 26, 2016 – The Pittsburgh Foundation raised a record-setting $24.5 million from individual donors last year, up from the previous $21.4 million record set in 2014. It is a strong indicator of keen interest by donors in being active in their charitable giving during their lifetimes. The Pittsburgh Foundation is the third-largest philanthropy in the region and the thirteenth-largest community foundation in the United States.  

The Foundation also received its single largest gift from living donors in the philanthropy’s 70-year history: $15 million from Dr. Richard and Priscilla Hunt. It was the third consecutive year that gifts from individuals increased and the sixth consecutive year that the Foundation raised more than $50 million for new and existing funds. A total of 68 new funds were established last year, of which 45 were donor-advised funds. In total, the Foundation raised $50.6 million. Total Foundation assets, including those from its supporting organizations, were $1.14 billion.*

While historically, the largest donations have come from bequests, those were down last year – a factor contributing to the overall 5.6 percent decrease in the Foundation’s gifts revenue from the $53.5 million brought in during 2014. 

But over the past few years, there has been an increase in gifts from individuals and families. The vast majority of these were new donor-advised funds through which donors are able to include their families in the giving process.

Foundation President and CEO Maxwell King described the increase in gifts from individuals as a “strong vote of confidence in the value of the community foundation model,” and growth in the living donor category as an indicator that residents want to be personally involved in improving quality of life in Pittsburgh.

“Community foundations, more than any other public charity, are able to offer donors expertise in a broad range of community issues. We are proud to partner with our donors in supporting the continued transformation of the Pittsburgh region that we all love,” said King. 

Yvonne Maher, the Foundation’s senior vice president for Development and Donor Services, believes that the connections donors make with grantees and the Foundation’s subject-matter experts have contributed to the upward trend in gifts from individuals. 

“Even though market conditions were unfavorable for gifts of appreciated securities from individuals, The Pittsburgh Foundation had increases. In our view, this is because donors find real value in participating in their philanthropy in their lifetimes,” said Maher. “This signals an opportunity for us, through the Foundation’s Center for Philanthropy, to continue involving our donors more deeply in the philanthropic process.”

The Hunts have a deep understanding of the Pittsburgh region’s problems and its assets. Their ties to the city go back to Richard’s grandfather co-founding of the industrial giant, Alcoa, and continue today through their son, Bill, who is president of a real estate and investment firm in the city. “The needs in the community now are so great that we decided we just didn’t want to wait any longer,” said Pricilla Hunt. “We hope that news of this gift might inspire other charitably minded people to use community foundations in their lifetimes to support causes of personal importance.” 

Increased giving results in more grant-making resources for the community. Last year, 5,516 grants totaling $35.3 million were made by the Foundation and its donors in such areas as education, human services, community improvement, and the arts and culture. More than half of those grants— 3,326 totaling $16.4 million – were directed by donors through their donor-advised funds. The Foundation sees great strategic value in partnering with donors to make the greatest positive impact.

As part of its emerging 100 Percent Pittsburgh initiative, for example, the Foundation is inviting donors to learn more about, and participate in, co-creation opportunities to assist the more than 30 percent of the region’s population shut off from participation in an improved Pittsburgh economy. Many families in this category survive on an annual income of less than $48,600 for a family of four, which is twice the federal poverty level of $24,300 for four people. Single women with children and youth ages 12 to 24 are the two groups at the greatest risk of poverty in the Pittsburgh region, according to the Urban Institute’s 2012 report, “Understanding Trends in Poverty in the Pittsburgh Metropolitan Area,” which was commissioned by The Foundation.

“The Pittsburgh renaissance that everyone is talking about will fail if 30 percent of our population is left behind and unable to access the opportunities that are becoming synonymous with the new Pittsburgh,” said King. “As a community foundation, we must be the leader in identifying those groups left out of the benefit streams and engage our own donor community and the public to assist us in removing the barriers.”

Through its Center for Philanthropy, the Foundation will continue to engage donors and share knowledge and research to help them make informed philanthropic decisions that have the greatest potential for impact in our region. 

“The subject matter expertise of our teams in Program and Donor Services is amazing, and the menu of opportunities we offer our donors to collaborate with them is incomparable,” said Maher. “Increasing donor involvement is a trend we expect will continue.” 

*Unaudited numbers. Audited financials will be reported in July.

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