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Center on Wealth and Philanthropy
Wealth and the Commonwealth Newsletter      VOLUME 28         March 5, 2013
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 Press Release

Impact of Great Recession Will be Felt for Decades but Prospects Strong for Philanthropy


 
Dear Friends and Colleagues:

We are pleased to announce the publication of The Boston Foundation (TBF) report,  The Transfer of Wealth in Greater Boston:  The Toll of the Recession and Prospects for the Future.   The report was presented this morning at The Boston Foundation's  Understanding Boston Forum  where the implications for wealth transfer and philanthropy in the Greater Boston area for the coming decades were discussed.  Please see The Boston Foundation press release  for an overview of this report.

 The Boston Foundation report was based on the technical report,  Wealth Transfer and Potential for Philanthropy in the Boston Metropolitan Area, conducted by John J. Havens and Paul G. Schervish at the Boston College Center on Wealth and Philanthropy. 

We are grateful to The Boston Foundation for its support of the research contained in these reports.  We also want to thank and especially acknowledge the Impact Foundation and The Dakota Medical Foundation, both of North Dakota.  These foundations sponsored the study, A Golden Age of Philanthropy Still Beckons:  National Wealth Transfer and Potential for Philanthropy, that undergirds our Boston Area research.  The national wealth study is due to be released in the near future. 
  
Our research on wealth transfer and charitable giving revealed that although the Great Recession of 2007-2011 will resonate for years to come in the philanthropic sector, Greater Boston households and estates could give between $600 billion to well over $1 trillion to charities between now and 2061, depending on growth rates and federal estate tax provisions.  This indicates a substantial financial potential for local charities and non-profits that successfully become more engaged with donors and their philanthropic aspirations.

Please contact me if you would like additional information or have questions regarding our research.

Cordially,

Paul G. Schervish
  
  
This is the report by The Boston Foundation using research contained within the commissioned report, Wealth Transfer and Potential for Philanthropy in the Boston Metropolitan Area Technical Report , by John J. Havens and Paul G. Schervish.  In its conclusion, TBF asserts that based on the research, there will be an extraordinary amount of wealth potentially available to charities in the coming decades and great opportunities for nonprofits  to expand their fundraising capacity.
 
This technical report presents the findings and describes in detail methodology and data contained within the updated  wealth transfer model used for this Boston Area wealth study.