U.S. foundations handed out a record-high $27.6 billion in 2000, up 18 percent from 1999 in the fifth straight year of double-digit growth, a new report says.
Fueled by the booming economy and stock market, foundation assets nearly doubled from $226.7 billion to $448.6 billion between 1995 and 1999, The Foundation Center says in its annual report on foundation giving.
But the slumping economy could trigger a decline in foundation giving, The New York Times reported March 27.
Sara Engelhardt, president of the Foundation Center, told the Times that huge assets stockpiled by foundations could serve as a buffer in a short-term economic downturn.
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