Donations kept flowing despite turmoil

Last year looked lousy for the Omaha Community Foundation.

The financial world was in turmoil. Prices of corporate stock and real estate — two of the biggest categories of donations it receives — were crumbling, just as the traditional year-end giving season for charities began.

All charities were hurting, not only because wealth that might have been donated was disappearing but also because rising unemployment was creating more human needs.

But as 2008 drew to a close, an interesting thing happened.

“It was a waterfall,” said Michael Leighton, president and CEO of the foundation.

Tens of millions of dollars began flowing into the foundation, partly from people who already had accounts and partly from people opening new accounts. By the end of the year, contributions reached $100.5 million, the second-highest in the foundation’s 27-year history.

And record amounts began flowing out to charities as well, eventually reaching $88 million.

“Our donors are seeing that things are really tight for the nonprofits,” Leighton said, adding, “The charities are hurting, so we’re going to help them.”

Nebraskans typically rank high in charitable giving, but last year’s volume was surprising, he said, coming close to the foundation’s biggest year when some wealthy individuals made large donations.

The foundation oversees $430 million in about 850 accounts.

Not everyone who donates is wealthy, Leighton said. About one-fourth of the accounts hold $2,500 or less, and another one-half less than $5,000.

So far this year donations have totaled $28 million, and $39 million has flowed out in charitable grants.

That’s about the same level as at this time last year, Leighton said. He doesn’t know what might happen by Dec. 31, 2009.

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