Donations to colleges and universities have increased since 2016, according to a survey released Feb. 6 by the Council for Aid to Education.
The overall donations reached $43.6 billion for the 2017 fiscal year, which was a 6.3 percent increase from the previous year. An increase in alumni donations is mainly responsible for the boost, but non-alumni and organization contributions also played an important role. One of the reasons for this increase, according to the CAE, is that improved economic stability has allowed more people to donate.
The report also mentions that any predictions for the 2018 fiscal year are still uncertain. According to the policies from the 2017 Republican tax bill, many people would have less of an incentive to use their tax deductions for donations.
"The first half of the fiscal year would have been quite good," said Ann Kaplan, vice president of the CAE. "The stock market would have been very high."
The second half could be good, assuming that the market stays stable, she said.