Many people in American enjoy taking advantage of charitable giving. Maybe they tithe to a church or gave money to help support research. Regardless of what people give their money for, they often qualify for a tax write-off. With the new tax law in place, records show that more people are giving college donations than ever before.
Donations given to universities and colleges are up 7% compared to last year. This is according to a new survey by the Council for Advancement and Support of Education’s Voluntary Support of Education. Americans gave to college donations as much as $46.73 billion during the last academic year. That’s a lot of extra dough!
The winner in all of this is Harvard University. It collected the most college donations at $1.42 billion. Sanford ranks #2 with $1.1 billion. The University of California hit the #3 and #4 spots. UofC Los Angeles and San Francisco received $790 million and $730 million respectively. The top ten schools received 18% of all the funds compared to over 900 schools surveyed.
College Donations and Charitable Giving
Last year, charitable giving in the form of college donations were increasing in popularity. People saw this as a type of charitable investment account. Once they gave to the school of their choice, they were able to add what they gave as a write-off in their taxes. College donations work in their favor as a tax break.
It’s understandable that people would want to give donations to schools of their choice. They get a big write-off, so there is a benefit to giving. Still, the big question is whether these college donations should result in lower tuition. More people are giving these schools money. Why can’t they do something about insanely high tuition?
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Most of these schools also make millions in profits from sports all without having to pay their student-athletes a dime. Colleges also benefit from government subsidies. They get to continue to increase their tuition while money flows into their coffers from all directions. Yet, Harvard still gets to accept a billion dollars in college donations on top of everything else.
But, instead of tackling issues like student loan debt or lowering tuition, these schools raise it. The American university is all about the profits and nothing more. While millions of students are suffering under the weight of high tuition, they get billions in college donations. It doesn’t seem fair to the students, but that ultimately doesn’t matter when profits are being made.
