Study Provides Promising Snapshot of Minority Donors
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The first in-depth study of minority donors in New York City, unveiled yesterday, shows that donors are ready to give, but nonprofit organizations are not yet sure how to ask.
The Coalition for New Philanthropy, whose mission is to cultivate minority philanthropy, commissioned the study, which took three years to complete.
“New York City’s communities of color are the future of organized philanthropy,” said the executive director of one of the coalition’s members, the New York Regional Association of Grantmakers, Michael Seltzer. “The question is, ‘How do we make these new philanthropists feel welcome at our table?’ “
The study provided a promising snapshot of minority donors as affluent and well educated. Of the 166 donors surveyed, 97% had a bachelor of arts degree and 65% had a graduate degree. Their median income was between $100,000 and $149,000, with 70% reporting an income of more than $100,000.
These donors were also generous. Their median annual donation was $5,000, topping the national average, as reported in a separate study by the Independent Sector. And they appreciated the impact their largesse could have on the community.
“Donors expressed a sophisticated understanding of social problems; they see their philanthropy as a way to address those problems,” said an author of the study, Eugene Miller.
The study offered recommendations to nonprofits to help them reach minority donors. First and foremost, Wall Street is a good place to look. The majority of study participants make their career in financial services, and have a sense of responsibility that inclines them toward philanthropy.