North Carolina Grants Top $1 Billion in 2006
New Research 3/17/08:
Foundation Giving in North Carolina: An Analysis of Trends for Fiscal Year 2006
NCGives is pleased to release a study which reveals that North Carolina foundations reached a new milestone in charitable giving in fiscal year 2006, with grants totaling $1,083,686,607.
Up from $897 million in 2005, this $1 billion-plus milestone represents more than a 20 percent increase in grant dollars from North Carolina's foundations, outpacing the 2006 national growth rate of 16 percent recently reported by the Foundation Center. The study also shows that during the same one-year period, foundation assets increased by 14 percent to $15.3 billion.
The study, completed by Anita Gunn Shirley for NCGives, is based on the foundations' most recent filings with the IRS as of November 1, 2007. North Carolina's 3,032 public and private foundations, along with their grant totals for 2006, include: community foundations ($172 million), corporate sponsored ($266 million), operating ($5 million) and independent ($640 million).
The report goes into further detail on the 75 largest foundations in the state, topped by the Duke Endowment with assets of over $2.9 billion in 2006, a figure representing almost 20 percent of total independent foundation assets. Also broken down are all community foundations and the largest corporate foundations, as well as the top 10 counties with the most foundations.
The study also found that 2006 was the first year in which social and human services exceeded education in the percentage of grants received, with a share of 37 percent of grants. Education at 32 percent was the second largest recipient; health care was third at 14 percent.
NCGives is a statewide initiative which focuses on the generosity of women, communities of color and youth by celebrating, connecting, inspiring and growing their traditions of giving of time, talent and money. As such, our work is much broader than reporting on foundation giving. However, we recognize the significant role foundations play in North Carolina, both through the amount of money they give and through their public visibility.
Future research reports from NCGives will address the giving of money and time that occurs among individuals.
