Foundations hold their own
Some large philanthropic groups in Maine have been able to weather the economic downturn better than many expected, thanks to increased giving and administrative belt tightening.
The Maine Community Foundation distributed $10 million through Oct. 30 this year, up 2.5% from the same period last year, according to the Portland Press Herald. Donations to the foundation increased, from $11.2 million in 2008 to $14 million this year, scuttling predictions that giving could decline by $1 million. The Libra Foundation also intends to distribute about the same amount this year as last -- $10.7 million, according to the paper. The Libra Foundation's endowment, valued at $200 million in 2007, plummeted to $166 million at the low point in March and has since recovered to about $188 million.
In Maine, the 302 private foundations registered in the state give out about $100 million a year. About 24% of the foundation money goes to health care, 23% to education and 18% to human services, with smaller amounts to environmental, arts, humanities and other causes, according to the Maine Philanthropy Center.
Go to the article in the Portland Press Herald >>
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