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The country’s more than 72,000 grantmaking foundations increased their giving to $42.9 billion in 2007, according to Foundation Growth and Giving Estimates: Current Outlook (2008 Edition), released today by the Foundation Center. This estimated 10 percent gain followed a 7.1 percent increase in 2006.
Contributing to this rise was close to 12 percent growth in foundation assets in 2006 - the first double-digit gain in assets recorded since 1999. The establishment of new foundations, while occurring more slowly than in the late 1990s and early 2000s, also helped to raise the level of foundation giving.
Key estimates reported include:
Independent and family foundations - which represent almost nine out of 10 foundations - raised their giving by 12.7 percent in 2007, up from an increase of 9 percent in 2006.
Corporate foundation giving rose 6.6 percent in 2007, following a modest 2.6 percent increase in 2006.
Community foundations raised their giving by 13.9 percent in 2007, up from 11.8 percent growth in 2006 - the fourth consecutive year of double-digit increases.
Although the current economic downturn makes projections difficult, findings from the Foundation Center’s 2008 “Foundation Giving Forecast Survey” suggest that prospects for growth in giving this year remain modestly positive. Just over half of the survey’s respondents expect to increase their giving in 2008, with the biggest foundations being most likely to expect increased giving. An estimated 9 percent rise in foundation assets in 2007 to a record $670 billion also points to foundations continuing to show positive, albeit more modest, growth in giving in the current year.
