FAYETTEVILLE, N.C. - A spike in contributions to donor-advised funds at the Cumberland Community Foundation this year likely will mean a significant increase in donations to local charities in 2011.
Donor-advised funds are accounts into which donors can make tax-exempt deposits in one year, and from which they can make donations to nonprofits in the next year.
In 2010, 273 gifts totaling $1.25 million were made to donor-advised funds at the foundation, up 43.9 percent from 2009 and topping the previous record of $1.19 million contributed in 2007.
After the onset of the recession, gifts to donor-advised funds at the foundation fell 46.1 percent to $642,690, but rebounded to $868,000 in 2009.
The 2010 rebound will mean welcome relief for local nonprofits, which are still feeling the recession-related challenges of heightened demand and anemic fundraising.
"We are happy to see a return in donor confidence," Mary Holmes, executive director of the foundation, says in a statement. "There are so many good nonprofit organizations that need additional support."
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