Ireland Fund Raises Record $40m

The figure was revealed as the Fund held its annual conference at Dromoland Castle in Co. Clare, an event attended by President Mary McAleese and over 100 donors and group members from around the world.

The fund was established in 1976 to tap into the global goodwill of the Irish diaspora around the world, and raise money for Irish charities.

Kieran McLoughlin, president of the organization said the money raised last year was "a fantastic statement of solidarity with Ireland".

He pointed out that 2009 was the worst year for philanthropy in the US since records began, with donations plunging by 84%.

But despite this the Ireland funds recorded a surplus.

"Only 12 per cent of charities made a surplus in 2009 and we were one of them," he said, "Irish Americans are giving all the more generously, which is a response to the circumstances we are in."

Two hundred charities across Ireland benefit from funds raised by the Ireland Funds including those in education, the arts, literacy, anti-drugs and Northern peace process.

The group has targeted raising $70m by the end of 2013 and said it was well ahead of schedule thanks to the generosity of donors.