“It is going to have a detrimental effect on charitable giving overall,” said Aaron Dorfman, CEO of the National Committee for Responsive Philanthropy. “Corporate giving may go up, but most of the giving is done by individuals in this country.”
Within the banking industry, corporate giving has changed in several important ways since the crisis, Dorfman said. He noted that big banks, such as Citigroup, have begun to recognize the importance of making long-term grants to nonprofits – and allowing those organizations to use the funds in the best way they see fit.
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