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Increased Pressure on Local Charities to Rely on Family Business Giving Ensures Survival During Pandemics, Inflation, Market Downturns<\/h2>\nThe survival of America\u2019s local charities is tied directly to the success of the country\u2019s family businesses, according to new research.<\/h3>\n
It is estimated that when it comes to charitable giving family businesses give 76 percent of their charitable contributions to local charities, according to recent research conducted by Family Enterprise USA. Family Enterprise USA, based here, is a non-profit group representing America\u2019s families and family enterprises, which make up nearly 60 percent of the country\u2019s private workforce. The study was sponsored by BNY Mellon Wealth Management.<\/p>\n
In addition, the survey revealed that when it came to national charitable giving, family businesses gave 18 percent to larger countrywide charitable groups.<\/p>\n
\u201cThere is a direct connection between the survival of local charities and the survival of our country\u2019s family businesses,\u201d said Pat Soldano, president, Family Enterprise USA. \u201cThis research shows just how important charities rely on local business and demonstrates how when these business are hurt by negative tax policies and unnecessary regulation it hurts the local community directly,\u201d she said.<\/p>\n
The local giving lifeline from family businesses is backed up by recent Giving USA studies, which find high net worth families annually donate on average $29,269, while the average annual charity donation for Americans in 2020 was $737, according to the most recent Giving USA research.<\/p>\n
Key issues affecting family enterprises, and therefore local charities, are tightly tied together, according to Soldano.<\/p>\n
\u201cCommunity charitable groups could not do their work providing food and healthcare to senior citizens if local family givers, mainly well-established family businesses, were to disappear,\u201d said Soldano. \u201cIt\u2019s hard to imagine what would happen to our communities if this funding were to dry up due to unnecessary taxation and regulation.\u201d<\/p>\n
Even as the pandemic hit America families have dug deep into their pockets for charities. In fact, Americans gave a record $471 billion to charities in 2020, a 5.1% increase, according to Giving USA latest figures. This broke records for charitable giving despite the global pandemic.<\/p>\n
Why is giving so strong among families and family businesses?<\/p>\n
There are three elements somewhat unique in American society and tradition when it comes to charities, local and national, according to The Philanthropy Roundtable, a group that monitors giving.<\/p>\n
First, comes the entrepreneurial spirit centered on the \u201cAmerican dream,\u201d where success makes many individuals and companies see it as their duty to give back when they\u2019ve \u201cmade it.\u201d This spirit helps those less fortunate get a leg up.
Second, is social consciousness. The Philanthropy Roundtable says generosity benefits organizations like the ACLU to the local food bank to disaster relief funds. Americans have a tradition stretching back to the earliest days of the country of helping neighbors.<\/p>\n
The third element for local charitable contribution is religion. America, according to the group, is still the most religious country in the world, and regular giving to churches, synagogues, mosques, temples, and other religious organizations is a part of many Americans\u2019 lives.<\/p>\n
\u201cThere are real red-flag issues we are fighting to keep local giving alive,\u201d said Soldano, of Family Enterprise USA. \u201cThese are eliminating estate taxes, lowering burdensome regulations, and cutting any negative legislation that hurts our country\u2019s biggest employers, the family business,\u201d she said. \u201cOur local charities pay the ultimate price when family enterprises are driven out of business.\u201d<\/p>\n
In the recent Family Enterprise USA survey, it was found family businesses in America consisted of 23.7 percent in manufacturing, 10.4 percent in construction\/facilities, and 9.75 percent in real estate. Research shows that family enterprises make up $7.7 trillion in annual GDP and represent 59% of the country\u2019s private workforce.<\/p>\n
For the full details of the \u201cFEUSA 2022 Annual Family Business Survey\u201d can be found at www.familyenterprise.com.<\/a><\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/pcgs22.privatecompanydirector.com\/page\/2058913\/register” url_new_window=”on” button_text=”If you\u2019d like to register for this event, please register now with promo code FEUSA22 to receive a 15% discount on your registration rate. Expires this week.” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.17.4″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_text disabled_on=”on|on|on” admin_label=”Credit” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/themadisongroup.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” disabled=”on” global_colors_info=”{}”]<\/p>\n About The Madison Group<\/strong> [\/et_pb_text][et_pb_divider disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/” button_text=”Do You Have 5 Minutes To Help Your Multi-Generational Business?” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”FEUSA Statement” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Become a member text” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why FEUSA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.17.0″ _module_preset=”default” custom_button=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=bsn5xYrxhJg” _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Thank you to the Orange County Business Journal for publishing this article.Increased Pressure on Local Charities to Rely on Family Business Giving Ensures Survival During Pandemics, Inflation, Market Downturns The survival of America\u2019s local charities is tied directly to the success of the country\u2019s family businesses, according to new research. It is estimated that when […]<\/p>\n","protected":false},"author":2,"featured_media":5370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,78],"tags":[],"class_list":["post-5373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5373"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5373\/revisions"}],"predecessor-version":[{"id":5379,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5373\/revisions\/5379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/5370"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2022\/05\/MG-Over-50-years-of-Making-Legacies-Happen.jpg\" "\\"\\"")
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The Madison Group is one of the largest independent financial firms in the U.S. dedicated to comprehensive wealth preservation since 1968. We specialize in providing affluent families, business owners and executives with unique, tax-efficient wealth transfer and business continuity strategies. We value solutions that have simplicity at their heart and are manageable across generations.<\/p>\n
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