We still may be months away from seeing the impact record-high inflation could have on your favorite charities. Annual inflation hit 7.9 percent on Thursday, which is a 40-year high. A new record could be set next month as the war in Ukraine and high energy prices settle in even more.

It is uncharted territory for charitable leaders like Door County Community Foundation President and CEO Bret Bicoy, many of which who were not in their current roles in 1981, which was the last time inflation was this high. Bicoy believes that similar to how people treat the stock market, many will not change their charitable giving habits until they know that the current rate of inflation is here to stay.

Bicoy says the more troublesome figure is the number of donors who are donating. While the amount of money being raised has been holding steady and even increasing in some cases, the number of people donating has been dropping for the last two decades.

During the 2008 Great Recession, charitable giving dipped 7.2 percent and another eight percent in 2009 according to The San Diego Foundation (which is similar to the Door County Community Foundation) and Indiana University philanthropy statistician Jon Bergdoll.