- Days left

Charitable Giving by the Super Rich Dipped in 2010

George Soros tops the list of 50 biggest charitable donors in 2010With unemployment climbing and available federal dollars declining in 2010, the need for charitable giving seemed greater than ever, but gifts made during the year were actually down. According to a recent article in The Chronicle of Philanthropy, charitable gifts at the top of the spectrum, those from the super rich, decreased in 2010.

The total amount of gifts reported by the country's biggest donors was $3.3 billion. That number, while still huge, represents the smallest total since the The Chronicle started tracking donations at the top.So who made the list? George Soros, chairman of the Soros Fund Management, a New York firm that manages hedge funds, came in at No. 1 for 2010. Soros (right), who was ranked No. 6 last year, donated an astounding $332 million (about 10% of the total gifts at the top) to the New York-based Open Society Foundations. The Open Society Foundations was established by Soros to help countries make the transition from communism to democracy. The foundation now also supports initiatives in education and the arts.

Soros beat out the New York City Mayor Michael R. Bloomberg, who came in at No. 2 with donations of $279.2 million to 970 charities that support the arts, human services, public affairs and other areas. Those charities included Alliance for Young Artists & Writers, El Museo del Barrio, Food Bank, Jewish Association for Services for the Aged, all in New York; Loaves and Fishes, in Charlotte, N.C.; Points of Light Foundation, in Atlanta; and the Wounded Warrior Project, in Jacksonville, Fla. More than two-thirds of his total gifts remained with New York organizations. Mayor Bloomberg came in at No. 4 on the 2009 list.

Bill and Melinda Gates did not make the top of the list this year, despite donating $46.4 million. Similarly, Warren E. Buffett, who donated an astounding $1.9 billion, didn't make the list. In 2010, the Gateses and Mr. Buffet paid pledges announced in previous years; The Chronicle's list includes only new pledges and gifts.

The Gates-Buffett Giving Pledge, however, did make its mark in 2010: 10 of the top 50 donors have signed the Giving Pledge. You can see the entire top 50 list here.

There's no doubt that the lack of a federal estate and gift tax for 2010, combined with uncertainty about the federal income tax in 2010, contributed to the slowdown in giving. With the reinstatement of the federal estate tax together with a unified estate and gift tax system, most charitable organizations expect 2011 to be a better year for giving.

Increase your money and finance knowledge from home

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Introduction to Retirement Funds

Target date funds help you maintain a long term portfolio.

View Course »

TurboTax Articles

Will Medicare/Medicaid be Impacted by ACA?

The Affordable Care Act put in place significant tax-related programs that impact Medicare and Medicaid, such as increased Medicare taxes on earned and unearned income for high-wage earners, and Medicaid changes that increase the number of insured individuals. Establishing whether you are affected by the ACA-imposed taxes, or are eligible for certain health programs that fall under the Centers for Medicare and Medicaid Services, is determined by filing your income tax.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

How to Determine if You Have Minimum Essential Coverage (MEC)

The Affordable Care Act, also known as Obamacare, requires most Americans to have health insurance that meets a government standard known as "minimum essential coverage," or MEC. Whether your insurance qualifies as MEC depends not on the plan itself, but on how you obtained your coverage.

What are 1095 Tax Forms for Health Care?

In 2014 the Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if you need to comply with the new shared responsibility payment, the fee you might have to pay if you don't have health insurance. For individuals who bought insurance through the health care marketplace, this information will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.

Add a Comment

*0 / 3000 Character Maximum