Giving by U.S. foundations grew 5 percent in 2001 to $29 billion despite a stumbling economy and stock market, and the aftershocks of the Sept. 11 attacks, a new report says.
While giving this year is expected to remain flat, modest growth is expected over the long-term, The Foundation Center says in the 2002 edition of its Foundation Yearbook.
Last year’s increase followed five straight years of double-digit growth in giving, including an 18.2 percent increase in 2000 by the nearly 56,600 grantmaking foundations in the U.S., the report says.
Assets of U.S. foundations grew 8.4 percent in 2000 to $486.1 billion, while gifts and bequests from donors to their foundations fell nearly 14 percent to $27.6 billion, the second-highest level ever, eclipsed only by gifts a year earlier.
The West posted the fastest growth in giving and was set to pass the South in the next few years in its share of foundation giving.
The West also posted the fastest growth in the number of foundations, while the South reported the biggest gain in the actual number of foundations.
The Northeast posted the biggest increase in actual grant dollars.
Corporate foundations in the Midwest accounted for the biggest share of corporate foundation giving by region, while community foundations in the Midwest and Wet generated the biggest shares of community foundation giving by region.