Philanthropy is on the rise in higher education as donors prioritize research, financial aid and faculty. Here’s a closer look at the numbers.
When adjusted for inflation, donations to higher education increased by 3% during the 2023-24 academic year, according to a new report from CASE Insights. Perhaps unsurprisingly, nearly half of all endowed gifts were designated for student financial aid.
When combined with donations restricted to academic, faculty and staff positions, these gifts represented 87.2% of the total amount contributed to endowments. Donations also supported research, with more than 43% of all gifts restricted for research-based operations.
“Philanthropy remains a driving force in expanding opportunities for students, advancing research, and strengthening the overall educational experience,” wrote President and CEO of CASE Sue Cunningham.
Philanthropy rose across most traditional sources—primarily foundational giving, which rose by 13.3%, followed by alumni at 7.5% and non-alumni by 4.7%.
Giving from corporations, however, declined by more than 7%. Giving from “other corporations,” which include fundraising consortia, religious organizations and charitable LLCs, declined by 5.5%.
Here’s a more detailed breakdown of the overall voluntary support of higher education during the 2023-24 academic year:
Foundations: $20.4 billion (33.2%)
Alumni: $12.9 billion (21%)
Nonalumni: $8.9 billion (14.5%)
Corporations: $7.6 billion (12.4%)
Donor-advised funds: $6.5 billion (10.6%)
Other organizations: $5.2 billion (8.5%)
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What might be more relevant to higher education leaders from this research is a key finding that reveals alumni philanthropy trends over time. The longer a graduate has been out of school, the more likely they are to give, as shown below:
| Years out | % who give | % of alumni gifts |
| 0-5 | 6.9 | 0.5 |
| 6-10 | 4.8 | 1.1 |
| 11-20 | 6.0 | 4.0 |
| 21-30 | 7.9 | 9.5 |
| 31-40 | 9.6 | 23.4 |
| 41-50 | 11.9 | 24.3 |
| 50% | 18.2 | 37.3 |
“The consistent generosity of donors reflects a collective belief in the transformative power of education and its ability to create a more prosperous society,” said Cunningham.
For a closer look at the data, read the full report here.
