April 16, 2004

Foundation Giving Dropped Last Year; Outlook Is Better for 2004

By ERIN STROUT

Three years of a sluggish economy and a less-than-stellar stock market have eroded the assets of American foundations and reduced the total value of their grants, according to a report released last week by the Foundation Center.

The report, "Foundation Growth and Giving Estimates," shows a 2.5-percent decrease in giving by 65,000 foundations, down from record highs of more than $30-billion in 2002 and 2001, to an estimated $29.7-billion in the 2003 calendar year. When adjusted for

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