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California boom – $52B in assets

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A new study says the share of foundation assets in the U.S. controlled by California foundations grew to 14 percent in 1998 from 8 percent in 1978, the Los Angeles Ties reported May 25.

Foundations in the state in 1998 accounted for 11 percent of foundation giving throughout the U.S., up from 7 percent in 1978, says the study, prepared by the new Center on Philanthropy and Public Policy at the University of Southern California.

In 1998, California had 4,000 foundations that controlled $52 billion in assets and handed out $2 billion in grants, up from 1,643 foundations in 1978 that controlled $2.8 billion in assets and handed out $184 million in grants, says the study, which was prepared in coordination with the Foundation Center in New York.

The U.S. overall had 47,000 foundations in 1998 that controlled more than $385 billion in assets and awarded $19 billion in grants, up from 22,484 foundations in 1978 that controlled $37.2 billion.

“Philanthropic assets are increasing all across the country, but they’re increasing faster in California,” Marcia K. Sharp, a research fellow at the USC center, told the Times.

Still, the NewTithing Group, a San Francisco-based research group, calls California one of America’s “philanthropic laggards,” and says charitable donations in the state would grow by $17 billion in people engaged in more appropriate levels of “affordable giving” based on earnings on last year’s tax returns, the Times said.

For full story, to the Los Angeles Times.

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