Philanthropic giving to higher ed institutions increased 3 percent when adjusted for inflation—for a total of $61.5 billion—between 2023 and 2024, according to a new report from the Council for Advancement and Support of Education.

Philanthropy from foundations, higher ed’s biggest supporter, increased 13.3 percent over that period, while alumni giving, the second-largest source of support, increased 7.5 percent; giving from nonalumni donors increased 4.7 percent. Giving from corporations, however, dropped 7.3 percent.

Donors’ priorities have also shifted somewhat. Gifts supporting current operations increased 2.3 percent, while those earmarked for capital purposes—like endowments, property, buildings or equipment—grew 11.7 percent.

Nearly half of endowment gifts, 48.3 percent, were designated for student financial aid. Almost 16 percent of endowment gifts went toward faculty and staff compensation, 23 percent funded academic divisions, and 8.8 percent supported research. Smaller shares supported athletics and student life, 2.4 percent and 1.6 percent respectively.

Gifts toward current operations represented 58.2 percent of gifts to higher ed in 2024. Research dominated, receiving 43.6 percent of those funds. A little over 28 percent of those gifts went toward academic divisions, 12.8 percent supported athletics and 12 percent funded student financial aid; 2.2 percent was designated for faculty and staff compensation, and 1.3 percent supported student life.

“Philanthropy remains essential to the success and sustainability of higher education,” Sue Cunningham, president and CEO of CASE, wrote in the report. “The consistent generosity of donors reflects a collective belief in the transformative power of education and its ability to create a more prosperous society.”