Tax-deductible donations peak to 10-year high

Donations reached a record-breaking $896m in 2011 as corporations redoubled their efforts to charitable giving.

Compared to the previous recorded year of 2010, donations rose a steep 15%. Corporate donors drove this growth more than individual donors, expanding at a faster 19% pace to $605 million than the latter's 9% expansion to $292 million in 2011.

These donations were all given in aid to local charitable causes, according to the Commissioner of Charities annual report, but did not explain why there seems to be resurging interest in tax-deductible charity contributions.

Broken down to each destination sector, donations went mostly to three sectors -- education (32% at $286 million), social service (28% at $247.7 million), and health (26% at $233.3 million). The rest of the 14% can be divided among self-help, sports, arts and other sectors.

The boost in interest might have come from clearer governance and financial standards in the charity sector. The Charity Council introduced refinements to the code of governance overseeing charities, making it "more flexible, clearer and relevant." It also issued an accounting standard in June 2011 that makes financial reporting "simpler and more relevant for charities while enhancing disclosures for greater transparency."

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