(Aug. 7, 2006) Buoyed by the establishment of new foundations, a slowly growing economy and support for relief efforts for the Southeast Asia tsunami and Gulf Coast hurricanes, giving by U.S. foundations increased to an estimated $33.8 billion in 2005, according to a new report.
Foundation Yearbook 2006, produced by the New York-based Foundation Center, shows a foundation sector that continues to recover from the economic downtown of several years ago. Foundation giving has now risen by more than 5 percent over the past two years (5.5 percent in 2005 and 5.1 percent in 2004). However, despite these gains, inflation-adjusted giving continues to fall below the record level reached in 2001.
The report estimates that, accounting for inflation, foundation giving in 2006 will likely be “modest.”