Private foundations gave away nearly $43-billion last year, a record high, according to estimates by the Foundation Center.
Strong investment returns and a record number of gifts into foundations contributed to the big payout, The New York Times reported today.
Those factors will help foundation gifts increase again this year despite the current economic downturn, the center said.
The Times article does not say how much money foundations gave to colleges in 2007. But in a report released in February, the Foundation Center said foundations gave $4.3-billion to education in 2006. —Brad Wolverton