In this donor-focused, data-packed episode of The First Day from The Fund Raising School, host Bill Stanczykiewicz, Ed.D. is joined by Jon Bergdoll, Interim Director of Data and Research Partnerships at Indiana University's Lilly Family School of Philanthropy, to break down the latest findings from the 2023 Bank of America Study of High Net-Worth Philanthropy. Now in its 20th year, the report offers a close-up on the giving habits of households with $1M+ in investable assets or incomes over $200,000.
The numbers tell a nuanced story. While total dollars donated by high-net-worth households remain strong, the percentage of those households giving annually is slipping, a continuation of the “donors down, dollars up” trend seen in the broader population. Volunteering, meanwhile, is bouncing back post-pandemic, now at 43% (up from a 2020 low of 30%) but still below pre-2020 levels. These donors continue to prioritize religion, education, and human services, and they’re increasingly aligning their financial choices, spending and giving alike, with their values.
Local impact matters. Over 70% of high-net-worth donors report giving to causes in their own communities, compared to 32% giving nationally and just 13% internationally. Spontaneity still plays a role, roughly 85% of donors say they sometimes or always give when asked or in response to emerging needs, but effectiveness is key. Donors want to know their gifts are making a difference. Use of giving vehicles like donor-advised funds, private foundations, and IRA distributions is slowly rising, with nearly 1 in 5 affluent households now leveraging at least one structured giving mechanism.
This year’s report also introduces five philanthropic identities: Steadfast Supporters, Devout Donors, Entrepreneurs, Changemakers, and Philanthropic Experts. These profiles offer fundraisers a practical way to understand donor motivations and tailor outreach accordingly.
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In this donor-focused, data-packed episode of The First Day from The Fund Raising School, host Bill Stanczykiewicz, Ed.D. is joined by Jon Bergdoll, Interim Director of Data and Research Partnerships at Indiana University's Lilly Family School of Philanthropy, to break down the latest findings from the 2023 Bank of America Study of High Net-Worth Philanthropy. Now in its 20th year, the report offers a close-up on the giving habits of households with $1M+ in investable assets or incomes over $200,000.
The numbers tell a nuanced story. While total dollars donated by high-net-worth households remain strong, the percentage of those households giving annually is slipping, a continuation of the “donors down, dollars up” trend seen in the broader population. Volunteering, meanwhile, is bouncing back post-pandemic, now at 43% (up from a 2020 low of 30%) but still below pre-2020 levels. These donors continue to prioritize religion, education, and human services, and they’re increasingly aligning their financial choices, spending and giving alike, with their values.
Local impact matters. Over 70% of high-net-worth donors report giving to causes in their own communities, compared to 32% giving nationally and just 13% internationally. Spontaneity still plays a role, roughly 85% of donors say they sometimes or always give when asked or in response to emerging needs, but effectiveness is key. Donors want to know their gifts are making a difference. Use of giving vehicles like donor-advised funds, private foundations, and IRA distributions is slowly rising, with nearly 1 in 5 affluent households now leveraging at least one structured giving mechanism.
This year’s report also introduces five philanthropic identities: Steadfast Supporters, Devout Donors, Entrepreneurs, Changemakers, and Philanthropic Experts. These profiles offer fundraisers a practical way to understand donor motivations and tailor outreach accordingly.
In this episode of The First Day from The Fund Raising School, host Bill Stanczykiewicz, Ed.D., sits down with fundraising powerhouse John Zeller, former Senior Vice President for Development and Alumni Relations at the University of Pennsylvania, to unpack the behind-the-scenes magic of major gift fundraising. While the headlines may tout seven- and eight-figure gifts, Zeller emphasizes that consistent cultivation, stewardship, and relationship-building are the real power players behind any billion-dollar campaign. Case in point: nearly a third of gifts during Penn’s $5.4 billion campaign came from donors giving less than $50,000. The message? Every gift counts, and every donor deserves attention.
Zeller shares how he and his team shifted from a transactional mindset to a holistic approach, ensuring donors were involved long before and after the ask. At Penn, they implemented a strategy called “non-financial objectives,” inviting people to volunteer, serve on committees, and participate in university life without writing a check. It wasn’t just nice, it was strategic. By formalizing volunteer roles with job descriptions and term limits, they attracted over 32,000 volunteers across two campaigns. Volunteers became passionate advocates, and many transitioned into donors, with research showing that 80% of engaged volunteers go on to give financially. Bonus stat: over half of high-net-worth individuals volunteer, making this a double win for fundraisers.
Of course, the million-dollar (sometimes literally) question is: When do you make the ask? Zeller offers his “8-question method” as a roadmap. The first four help determine donor capacity, interest, relationship strength, and philanthropic inclination. The next four zoom in on specifics: gift area, amount, timing, and potential assets involved (like IPOs or business sales). If you can confidently answer all eight, go ahead and pop the question, because if you’ve done your homework, it shouldn’t come as a surprise. And if the timing's off, donors will let you know.
Zeller closes by underscoring that stewardship isn’t just a step in the giving cycle, it’s a mindset. From matching students with donors to hosting impactful scholarship receptions and “Engaging Minds” events featuring top researchers, Penn created moments that made donors feel connected, appreciated, and inspired to give more. Even in today’s fast-paced, AI-infused fundraising world, Zeller insists the essentials remain the same: data-informed strategies and genuine human relationships. In fundraising, as in life, it’s all about showing up, saying thank you (often), and making people feel like part of the mission.
First Day Podcast
In this donor-focused, data-packed episode of The First Day from The Fund Raising School, host Bill Stanczykiewicz, Ed.D. is joined by Jon Bergdoll, Interim Director of Data and Research Partnerships at Indiana University's Lilly Family School of Philanthropy, to break down the latest findings from the 2023 Bank of America Study of High Net-Worth Philanthropy. Now in its 20th year, the report offers a close-up on the giving habits of households with $1M+ in investable assets or incomes over $200,000.
The numbers tell a nuanced story. While total dollars donated by high-net-worth households remain strong, the percentage of those households giving annually is slipping, a continuation of the “donors down, dollars up” trend seen in the broader population. Volunteering, meanwhile, is bouncing back post-pandemic, now at 43% (up from a 2020 low of 30%) but still below pre-2020 levels. These donors continue to prioritize religion, education, and human services, and they’re increasingly aligning their financial choices, spending and giving alike, with their values.
Local impact matters. Over 70% of high-net-worth donors report giving to causes in their own communities, compared to 32% giving nationally and just 13% internationally. Spontaneity still plays a role, roughly 85% of donors say they sometimes or always give when asked or in response to emerging needs, but effectiveness is key. Donors want to know their gifts are making a difference. Use of giving vehicles like donor-advised funds, private foundations, and IRA distributions is slowly rising, with nearly 1 in 5 affluent households now leveraging at least one structured giving mechanism.
This year’s report also introduces five philanthropic identities: Steadfast Supporters, Devout Donors, Entrepreneurs, Changemakers, and Philanthropic Experts. These profiles offer fundraisers a practical way to understand donor motivations and tailor outreach accordingly.
