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Despite economy, Connecticut’s grantmaking tops $902.7 million
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Sep 1, 2010 - 7:48 AM

HARTFORD, CT?Connecticut grantmakers distributed more than $902.7 million in 2008, a 22% increase from 2006, according to 2010 Connecticut Grantmaking Highlights published by the Connecticut Council for Philanthropy.

The report, published every two years, uses data from the Council’s online database, Connecticut Grantmakers Online (CGO) and measures the extent and changes of the state’s philanthropy. Information for the report was gathered primarily from 2008 IRS returns, the most recent year for which data is available. There are more than 72,200 grantmaking foundations in the United States, of which 2,378 are active in Connecticut and included in this analysis.

“The start of the economic downturn in late 2008 had a significant impact on foundation activity that will be felt for years to come,” reports Nancy Roberts, Council president. “Foundations’ assets fell 1% from 2006 totals and yet, because charitable distribution for foundations is often based on a 3- to 5-year past average, grantmaking did not decrease, but experienced a sizeable increase.”

The 2010 Connecticut Grantmaking Highlights is available online at http://www.ctphilanthropy.org/s_ccp/bin.asp?CID=7484&DID=41691&DOC=FILE.PDF.

Key findings of the report include:

§ The number of foundations active in Connecticut increased from 1,929 in 2006 to 2,378 in 2008, a 23% increase. Because a number of bank charitable trusts became private foundations by virtue of the Pension Protection Act of 2006, as of January 1, 2008, they are required to file a 990-PF (private foundation IRS return). There was a major increase in reporting of these private foundations which made up a large percentage of the new foundation numbers, especially in Hartford County.

§ Connecticut grantmakers held more than $8.8 billion in assets, a decrease of 1% from 2006.

§ Connecticut grantmakers distributed more than $902.7 million in grants in 2008, up 22% from 2006.

§ 1015 foundations (43% of the total) granted less than $25,000 each. These foundations represented approximately 1% of the grants paid and 4.2% of the assets held.

§ 137 foundations (5.7%), distributing more than $1 million in grants, accounted for approximately 75% of the grants paid and 61% of the assets held.

§ 831 foundations (approximately 35%) were established between 1999 and 2008. These foundations represent 26% of the total assets and 27% of the grants paid in 2008.

Other findings include:

§ Of the total $902 million in grants, 60% came from private independent foundations, 26% from corporate foundations and giving programs and 14% came from community or public foundations.

§ Giving by corporate foundations and giving programs totaled more than $230 million, an increase of 27% over 2006.

§ Fairfield County’s 991 foundations account for 42% of the state’s total, followed by Hartford County’s 919 or 39%.

The Connecticut Council for Philanthropy is a statewide association of family and independent foundations, corporate foundations and contributions programs, community foundations and other private and public grantmakers. Founded in 1969 as a 501(c)(3) organization, the Council enables funders to connect, exchange ideas and address common problems, approaches and interests. For more information about the Connecticut Council for Philanthropy and its members and for additional reports and statistics about philanthropy in Connecticut visit www.CTphilanthropy.org or call 860-525-5585.

The Council produces Connecticut Grantmakers Online (CGO), the largest and most comprehensive online database of more than 2,300 Connecticut foundations and corporate grantmakers. The database includes detailed grantmaker profiles with information on a funder’s giving priorities, application procedures, finances, contacts, sample grants and more. To subscribe to CGO or to view a list of free access locations, visit www.CTphilanthropy.org.

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