CEO Corner: Q3 2026 Philanthropy Update on Record Giving, Rising Rates, and the Next Wave of Donors

Created By: CJ Orr
Updated September 30, 2026

Key Takeaways

• Americans gave a record $617.2 billion in 2025, up 5.7%, the first year above $600 billion (Giving USA 2026). 
• The Federal Reserve raised rates to 3.75% to 4.00% on September 16, 2026, its first hike since 2023, yet equities remain up double digits for the year. 
• Major gifts and donor-advised funds are driving growth: donors giving $50,000 or more are under 0.5% of donors but over half of all dollars (Fundraising Effectiveness Project). 
• Tech IPOs could add an estimated $37 billion a year to U.S. giving. Nonprofits that speak in outcomes, speed, and data will win this cohort. 

As we close out Q3, I keep coming back to one word: resilient. The headlines this year have been everywhere, but the philanthropic sector has kept its head down and continued raising money. Here’s what we’re seeing.

What did the economy do in Q3 2026?

In short: rates went up, inflation stayed sticky, and stocks held their gains. On September 16, the Federal Reserve raised its target range to 3.75% – 4.00%, its first hike since 2023, citing elevated inflation and geopolitical uncertainty (Federal Reserve). The 10-year Treasury yield climbed to 5.23% on September 25, its highest level since 2007 (CNBC). August inflation ran 3.4% year over year, with gasoline up more than 27% (Bureau of Labor Statistics), and the conflict with Iran continues to ripple through energy prices and the broader economy. 

And yet equities are still up double digits for the year, and the S&P 500 set a new record within about 50 days of the war’s start (CNBC). Appreciated assets remain the heart of major gifts, and that opportunity is still there. We want to be careful not to overstate this. Higher borrowing costs and an election five weeks away will make some donors pause. But the wealth that funds transformational philanthropy is intact. 

Is charitable giving holding up in 2026?

Yes. Giving USA 2026 reported that Americans gave a record $617.2 billion in 2025, up 5.7% in current dollars and 3.0% after inflation, the first year ever above $600 billion (Giving USA). Bequests jumped roughly 20%, and foundations and individuals both grew. 

The major gift market is where the action is. In Q1 2026, dollars raised rose 4.3% while the number of donors fell 0.8%, and super-size donors giving $50,000 or more represented less than half a percent of donors but more than half of all dollars (Fundraising Effectiveness Project via AFP). Donor-advised funds keep compounding, with Fidelity Charitable alone granting a record $18.3 billion in 2025, up 23% (Fidelity Charitable). 

Our clients are living this. Most have pushed through the political noise and the war by staying disciplined: fewer, deeper donor relationships, campaigns that kept moving, and boards that stayed engaged. The organizations that paused are the ones now trying to catch up. 

Who are the next major donors?

The largest cohort of new philanthropists since the dot-com era is arriving from tech IPOs. The SpaceX IPO in June, Anthropic’s reported October target, and OpenAI’s filing behind it are creating a new class of donors. Nan Ransohoff’s widely shared analysis estimates roughly $370 billion in prospective philanthropic assets from the OpenAI Foundation’s stake, the Anthropic co-founders’ pledge, and employee DAFs, which at a 10% payout would add $37 billion a year to American giving (Nan Ransohoff). Her numbers are back-of-the-envelope, and she says so. But even a fraction of that would change the sector. 

This cohort is younger, skeptical of traditional foundation structures, and drawn to outcomes, speed, data, and technology. The nonprofits that win their attention will be the ones that can speak that language. Most aren’t there yet. 

How is Orr Group growing in 2026?

Q3 was one of our strongest to date. We’ve seen impressive revenue growth, the vast majority of our clients continue to partner with us year after year, and our team keeps growing, with new colleagues joining in the fall. We welcomed nearly 20 new partnerships in the spring and summer and are proud to continue working alongside some of the most respected institutions in the sector. 

In June, we marked our fifth year as keynote sponsor of AFP New York’s Fundraising Day, joining more than 1,000 nonprofit professionals for a day focused increasingly on how AI is changing fundraising practice. Our AI and Automation service continues to be the fastest-growing part of the firm, and we’re not keeping any of it to ourselves. 

We’ve also been bringing leaders across business and philanthropy together, hosting senior members of the Economic Clubs of New York and Washington, D.C. at our offices for candid conversations on capital campaigns, board leadership, and the role philanthropy plays in organizational success.

What should nonprofits do in Q4 2026?

Don’t let rates or the election talk you out of the ask. Q4 is the season that decides the year. Lead with major gifts and planned gifts, put your DAF strategy in writing, and make sure your case for support can hold its own in front of a 34-year-old with a family office.  

For more year-end strategies, you can check out my feature in the Chronicle of Philanthropy’s recent article, “What to do now to maximize year-end fundraising.” 

If your organization is weighing a campaign, rethinking its donor pipeline, or figuring out where AI fits, we’d welcome the conversation. 

Here’s to finishing the year on a strong note. 

FAQs

How much did Americans give to charity in 2025? 

Americans gave $617.2 billion to charity in 2025, according to Giving USA 2026. That is a 5.7% increase in current dollars and 3.0% after inflation, and the first time annual giving has exceeded $600 billion. Individuals gave 64% of the total, followed by foundations, bequests, and corporations. 

Do rising interest rates hurt major gift fundraising? 

Not directly. Major gifts are funded mostly by appreciated assets, and U.S. equities are still up double digits in 2026 despite the Fed’s September rate hike. Higher rates can slow decisions on real estate and business-sale gifts, but they also make charitable gift annuities and other planned giving vehicles more attractive to donors. 

What is the “third wave” of American philanthropy? 

The term, coined by Stripe’s Nan Ransohoff, describes the wealth created by AI and tech IPOs such as SpaceX, Anthropic, and OpenAI. Her estimate puts roughly $370 billion in prospective philanthropic assets in play, which could add $37 billion or more per year to U.S. giving. This cohort favors outcomes, speed, data, and flexible giving structures over traditional foundations. 

CJ Orr is the Chief Executive Officer of Orr Group. As an expert project and relationship manager with 10+ years of experience in the sector, CJ utilizes data, technology, and financially-backed trends to execute on the development of strategies and tactics to drive effective fundraising plans that not only meet, but exceed targets.