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Charity moves west – States gain assets

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High-tech entrepreneurs are pumping millions of charitable dollars into western U.S. states, fueling a surge in their philanthropic clout, USA Today reported Feb. 8.

Eight of the 10 states in which charitable assets grew the fastest in the last decade are in the West, according to the newspaper’s analysis of Foundation Center data.

That trend picked up in the late 1990s as high-tech wealth soared, USA Today said.

The recent slump in high-tech stocks have hurt some charities, with donors scrapping gifts as their net worth falls, the newspaper said.

And some shares that companies pledged to nonprofits before selling stock to the public now are worthless.

Yet some many of the big established foundations in the West now are among the biggest in the U.S., led by the Bill & Melinda Gates Foundation and including the David and Lucile Packard Foundation.

For full story, go to USA Today.

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