U.S. Foundations Gain in 2003

Jacobs, Leonard
March 2004
Back Stage;3/19/2004, Vol. 45 Issue 12, p2
Trade Publication
A new report indicates that while the largest American foundations enjoyed broadly improving portfolios last year, the level of overall philanthropic giving and in particular, the level of philanthropy specifically devoted to the arts, is not expected to rise, at least for the moment, as of March 19, 2004. Assembled by the Washington, D.C.-based Chronicle of Philanthropy, the report states that approximately 140 of the nation's largest foundations saw their median assets increase by 9%. While foundations would indeed appear to be recovering some of the losses their portfolios have suffered since the start of the 2000-01 economic downturn, the improving performance of their assets does not automatically mean they are gearing up to dramatically increase the level of their grant giving. Even if foundations' assets improve in 2004 and beyond, it may take a period of years before cultural groups actually begin to notice an improvement in their fortunes.


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