A strong U.S. economy and stock market in the late 1990s fed record giving by the biggest U.S. foundations, a new study says.
Grants by the 1,000 largest foundations grew 19.2 percent to $11.6 billion in 1998 from a year earlier, the Foundation Center reports in Foundation Giving Trends.
The number of grants grew 11.3 percent to more than 108,000, while the number of grants of $2.5 million or more grew to 413, the most ever.
Foundations in the Northeast handed out the biggest share of grant dollars, while organizations in California, New York, Pennsylvania, Texas and Washington, D.C., received nearly half the grants from the larger foundations.
Big gains in grant support were across the board, benefiting all fields of interest and disciplines.
Nearly nine of 10 grant dollars focused on domestic issues and programs, and most international funding benefited U.S.-based programs.
Foundations contributed $430.1 million to nonprofits overseas.
For highlights, go to the Foundation Center.