Trends in U.S. religious giving show that faith-based institutions garnered the largest share of charitable dollars in 2021. According to the Giving USA 2022 annual report on philanthropy, religion generated almost twice as much in contributions than the next most popular subsector (education). By and large, religious donors are passionate, committed, reliable givers.
However, the overall percentage of households affiliated with religion has started to shrink with each younger generation. Fewer young people are making religious contributions and fewer Millennials and Gen Z individuals consider themselves religious compared to previous generations.
To combat the decline in giving, religious organizations must focus on the motivations of donors. Regardless of individual reasons for giving, one of the most important ways to motivate faith-based donors is to demonstrate the impact of their donations.
People of faith believe in the importance of good stewardship. They expect faith-based organizations to demonstrate the impact of tithes, offerings, bequests, and endowments on the dual missions of helping people and supporting congregation.
Transparency, accountability, and financial reporting are prerequisites for maintaining trust with donors. The right cloud-based financial management solution offers religious organizations the tools to demonstrate good stewardship among the committees, staff, and fiduciaries entrusted with management over church assets.
Download this E-book for eight tips to help you choose and use cloud financial technology to manage church finances. We'll look at how precise accounting and complete, transparent reporting are the keys to good stewardship, and guide you toward the right cloud financial solution that will help you engage religious donors with reports about mission impact and outcomes that reinforce what they observe during their own volunteer experiences.