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Grantmaking Down in 2002
GIVING DROPS SLIGHTLY IN 2002;
DECREASE APPEARS LIKELY IN 2003
The Foundation Center projects that giving by the country's nearly 62,000 grantmaking foundations remained steady at an estimated $30.3 billion in 2002, almost unchanged from $30.5 billion in 2001. This followed six consecutive years of double-digit percentage growth in foundation support. Foundation giving will almost certainly decrease in 2003, although not as dramatically as might be feared given the state of the economy and stock market.
Findings from Foundation Growth and Giving Estimates are based on aggregate 2001 giving and asset data tracked by the Foundation Center for close to 62,000 U.S. grantmaking foundations. Giving projections for 2002 and 2003 are based on estimates reported in the Center's 2003 "Foundation Giving Forecast Survey" by more than 760 large and mid-size foundations, combined with year-end fiscal indicators and supplemental reporting by donors of 9/11 contributions.
"Many funders made exceptional efforts in 2002 to avoid cuts in giving and will do what they can to limit large reductions in 2003," noted Sara Engelhardt, president of The Foundation Center. "Continuing losses in endowment values, especially among the largest U.S. foundations, will take a toll on overall levels of giving. But foundations understand better than most the devastating impact of state and local government budget cuts on the finances of nonprofits."
Copies of Foundation Growth and Giving Estimates can be accessed at no charge from the "Researching Philanthropy" area of the Foundation Center's Web site (www.fdncenter.org/research/). "Highlights" of Foundation Giving Trends, 2002 Edition, the Foundation Center's annual examination of funding trends of more than 1,000 larger U.S. foundations, are available at www.fdncenter.org/research/trends_analysis.
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