Fueled by big growth in California, gifts, grants and assets of community foundations throughout the U.S. surged in 2000, a new report says.
Gifts to 664 community foundations exceeded $4 billion, growing $466 million, or 13 percent, from $3.6 billion in 1999, and were nearly nine times the $427 million total in 1988, according to the annual survey of U.S. community foundations by The Columbus Foundation.
Community foundations paid nearly $2.2 million in grants, up 12 percent from $1.9 billion in 1999, and up 42 percent from 1998.
Assets totaled more than $31.5 billion, up 5 percent from $29.9 billion in 1999.
Nearly one-fourth of total gifts went to community foundations in California, with half the gifts there going to two foundations – Community Foundation Silicon Valley and the Peninsula Community Foundation.
Assets of community foundations in California, which received five of the eight biggest gifts to community foundations throughout the U.S., grew 10 percent.