Maryland foundations growing

Giving by Maryland foundations grew from 2002 to 2003, and assets jumped, reversing a decline in 2002, a new report says.

The report, “State of Foundation Giving in Maryland – 2005,” was published by the Association of Baltimore Area Grantmakers and analyzes giving by the state’s private foundations.

The combined assets of Maryland foundations grew 16 percent to $10.4 billion from 2002 to 2003, the report says, reversing a decline of about 6 percent the previous year, and outpacing asset growth of 9 percent for U.S. foundations as a whole.

Giving grew about 3 percent for the second year in a row, to $640 million, the study says, while giving by foundations across the nation remained flat.

Almost half of the foundations surveyed projected an increase in giving from 2003 to 2004, the report says, and one in three says its grant budget will remain the same, with similar giving patterns projected for 2005.

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