Target Foundation awarded a total of $138.2 million in cash grants in Minnesota in 2008, more than any other grantmaker in the state, a new report says.
And while cash grantmaking grew an average of six percent from 2007 to 2008 for 65 of the 75 top grantmakers, growth is likely to stall, says the report from the Minnesota Council on Foundations.
“Grantmakers were telling us that they were committed to maintaining their giving even in the latter half of 2008 and into 2009, and this is reflected in this six percent increase,” Bill King, president of the foundation, says in a statement. “A year from now, the news may not be the same.”
Target is followed by the McKnight Foundation, which gave $99.5 million, and the General Mills Foundation and corporation, which awarded $71.2 million in cash grants in 2008.
The McKnight Foundation topped the list in terms of assets, finishing 2008 with $1.58 billion, followed by the Saint Paul Foundation, with assets of $710 million.