Driven by a recovering economy, giving in Minnesota approached $5 billion in 2004 and almost all the state’s grantmakers expect their giving to remain steady or grow in 2007, two new studies say.
Overall giving in 2004 grew 9 percent after adjusting for inflation, with individuals contributing almost $4 billion, says the “Giving in Minnesota” report released by the Minnesota Council on Foundations.
Foundations and corporate funders boosted their donations by 9 percent in 2004 to top $1 billion.
The number of active grantmakers in the state grew to 1,341 from 1,296 over the same period, while their combined assets rose to $14.6 billion from $13.5 billion, the study says.
Education groups continued to be the greatest beneficiaries, receiving one in four grant dollars in 2004, while human-services agencies took in more than two in 10 dollars awarded.
Health groups saw the fastest growth, with grant dollars jumping 11 percent from 2003 to 2004.
Minnesota grantmakers expect the positive trends to continue this year, says the “2007 Outlook Report,” also released by the council.
More than six in 10 grantmakers say they expect to increase their giving in 2007, while three in 10 say they will award the same amount, and only 6 percent expect to make cuts.
Overall, funders expect an average increase in grantmaking of 5 percent to 9 percent in 2007, the study says.
More than half the respondents credit asset growth for their rosy outlook, with community foundations citing increased gifts from donors and corporate foundations citing a healthier bottom line.