Report Shows Heavy Asset Losses by Georgia Foundations at
the Start of the Economic Downturn
New York, NY — September 30, 2010. According to a new report released by the Foundation Center, private foundations in Georgia were not spared the steep drop in assets experienced by foundations nationwide. Key Facts on Georgia Foundations finds that the assets of foundations in Georgia fell 18 percent in 2008 over the previous year (nationally, it was a 17 percent decline). Overall charitable giving by these grantmakers also began to reflect the impact of the economic downturn, slipping 1.6 percent during the same period. Nonetheless, collective giving by the 10 largest foundations in the state increased slightly, to $411 million in 2008 from $406 million in 2007.
"This research shows that the Georgia foundation community has made a great effort to overcome the impact of the economic crisis on their endowments, thereby lessening its effects on the nonprofits that rely on their crucial support," said Val Porter, director of the Foundation Center's regional center in Atlanta.
Other key findings of the report include:
- There was a sharp increase in the grant dollars awarded for health (13.3 percent increase) in 2008, partly due to several noteworthy grants from the Robert W. Woodruff Foundation, including a $50 million grant to Grady Memorial Hospital in Atlanta.
- Funding for human services declined in 2008, 4.7 percent in terms of grant dollars and 6.9 percent in the number of grants awarded.
- Gifts received by Georgia dropped considerably, down 21.8 percent in 2008 from the previous year.
Key Facts on Georgia Foundations can be downloaded at no charge from the Gain Knowledge area of the Foundation Center's web site.
About the Foundation Center
Established in 1956 and today supported by close to 550 foundations, the Foundation Center is the nation's leading authority on philanthropy, connecting nonprofits and the grantmakers supporting them to tools they can use and information they can trust. The Center maintains the most comprehensive database on U.S. and, increasingly, global grantmakers and their grants — a robust, accessible knowledge bank for the sector. It also operates research, education, and training programs designed to advance knowledge of philanthropy at every level. Thousands of people visit the Center's web site each day and are served in its five regional library/learning centers and its network of 450 funding information centers located in public libraries, community foundations, and educational institutions nationwide and beyond. For more information, please visit foundationcenter.org or call (212) 620-4230.
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