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While donations to charity have been rising, the pool of donors is shrinking, as philanthropy becomes hyper-concentrated among a small group of ultra-wealthy mega-donors, according to a new study. While women make up11% of the ultra-high-net-worth population, they account for 22% of the larger givers, according to the study. Today’s ultra-wealthy donors also prefer to give through private foundations and donor-advised funds — which give them more control — rather than simply writing checks to the Red Cross or United Way. The top charitable cause for ultra-wealthy donors was education (at 54%), according to Altrata. "There is some evidence that the ultra-high-net-worth population has different skews from the broader population," Pasic said.
Persons: Melinda Gates, Robert Frank, Mark Suzman, Amir Pasic, Indiana University Lilly, , , Altrata, Pasic Organizations: Gates Foundation, Indiana University, Indiana University Lilly Family School of Philanthropy, Cross, Federal Reserve Locations: Khayelitsha, Cape Town , South Africa, Altrata, North
Musk’s haphazard philanthropy is under scrutiny
  + stars: | 2024-03-12 | by ( Allison Morrow | ) edition.cnn.com   time to read: +2 min
As CEO of Tesla, “I’ve done more for the environment than any single human on Earth,” he told the New York Times last year. But American tax law dangles some significant incentives for them to do so. Musk likely managed to shave a couple billion off his $11 billion tax bill in 2021, thanks to the $5.7 billion he donated to the Musk Foundation, according to the Times. In Musk’s case, according to the Times, that meant giving millions of dollars to Cameron County, Texas. “The way I see Elon Musk is that he’s really pushing the limits of the alternative approaches to philanthropy,” Pasic said.
Persons: CNN Business ’, New York CNN — Elon Musk, Tesla, , MacKenzie Scott, Jeff Bezos, , , ’ ” Musk, Musk, ” Amir Pasic, Indiana University Lilly, Elon, ” Pasic Organizations: CNN Business, New York CNN, New York Times, Musk, Times, Indiana University, Indiana University Lilly Family School of Philanthropy, SpaceX Locations: New York, Cameron County , Texas
New York CNN —Americans got less generous in 2022, as soaring inflation and the slumping stock market took a significant toll on charitable giving. When adjusted for inflation, giving in 2022 fell 10.5%. Notably, the S&P 500 plummeted toward the end of the year, when a large share of charitable giving takes place. Generous giving early in the pandemicLast year’s drop in donations comes after two very strong years of charitable giving. In 2022, individuals, who provide the largest share of giving, curtailed their donations even before adjusting for inflation.
Persons: Indiana University Lilly, , Amir Pasic Organizations: New, New York CNN, USA, Indiana University, Indiana University Lilly Family School of Philanthropy Locations: New York, Ukraine
Belgrade, Serbia CNN —Serbians are reeling and demanding answers after two mass shootings in less than 48 hours left multiple people dead, with widespread calls for tough action to prevent any further repeat of such tragedies. You could never dream that this would happen here,” Belgrade resident Marko Kovacevic told CNN. “This is the worst thing that happened in Serbia since the bombing in 1999,” another resident, David Stevens, told CNN at a vigil in Belgrade. The murderer had no empathy or remorse,” he told CNN in an interview on Thursday. His deputy, Milan Pašić, told CNN his boss had offered his resignation, but it was not clear if it would be accepted.
On a corner in Central Harlem, just blocks from the Apollo Theater and Marcus Garvey Park, stands Harlem Shake, a diner designed to look as though it’s been there for decades. The walls are covered with Jet magazine covers and photographs, some signed, of Black American musicians and celebrities: Regina Hall, Diddy, Maya Angelou, Questlove. Its retro diner-style menus and swivel bar stools evoke nostalgia for an era of charm — and upheaval — in American culture. Rasheeda Purdie, a neighborhood resident of 14 years, finds comfort in how distinctly Harlem the restaurant is. “Sharing food is almost like a love language,” said Dardra Coaxum, an interior designer and Harlem native who opened the restaurant with Jelena Pasic.
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