Giving to higher education was down $1.5 billion in FY23, survey finds

February 23, 2024

A red line chart with an arrow pointing down appears over a background of hundred-dollar bills.

Giving to U.S. higher education institutions declined $1.5 billion to $58 billion in the fiscal year ending June 30, 2023 (FY23), a survey from the Council for Advancement and Support of Education (CASE) finds.

The report, CASE Insights on Voluntary Support of Education: 2023 Key Findings, (14 pages, PDF), reflects data collected from 757 colleges and universities that participated in the survey, indicating a 2.5 percent year-over-year decline from the $59.5 billion reported in 2022, and a decline of 5 percent when adjusted for inflation. At the same time, giving to higher education remains well above total giving in 2021 ($52.9 billion), 2020 ($49.5 billion), and 2019 ($49.6 billion).

Institutional giving to higher education increased by 3.4 percent year over year to 64.7 percent, even as foundation giving decreased by 1.8 percent. Giving by individuals—alumni and non-alumni—decreased to approximately 35.4 percent, reflecting a shift in giving through donor-advised funds (individually directed, but distributed by institutions) which increased by an estimated 4.4 percent. Despite the overall decline in total contributions, almost half of respondents—45.7 percent—reported that giving had increased.

The report also found that both the number and value of gifts of $100 million or more doubled year over year: In 2023, there were 11 such gifts totaling $2.24 billion (3.9 percent of total giving) compared with 7 gifts in 2022 totaling $1.08 billion (1.8 percent of total giving).

“Viewed over a five-year period, the level of support is high despite a decline in this single year. The stock market was weak in December 2022, and many donors time their charitable gifts to coincide with stock market growth periods,” said CASE senior director Ann E. Kaplan. “Some organizational donors base gift and grant levels on the previous year’s economy, making commitments a year or more in advance. This partly explains why the level of support from organizations rose when personal giving declined.”

(Photo credit: Getty Images/anilakkus)

"CASE Insights on Voluntary Support of Education: 2023 Key Findings." Council for Advancement and Support of Education report 02/21/2024. "Giving to U.S. colleges and universities at $58 billion in fiscal year 2023." Council for Advancement and Support of Education press release 02/21/2024.