The Full Story: Grant Making Is Up
April 18, 2002 | Read Time: 1 minute
To the Editor:
In “Foundation Assets Sag” (April 4), your assertions aren’t supported by your research.
Your own data show that in 2001, when markets were down for a second year in a row, 53 percent (73) of the 138 large foundations in your survey reported increases in grants paid. Total grants paid by the large foundations in your survey actually increased $184-million.
Yes, several large foundations have been hit hard by investment losses, and the effect the economy has had on foundation assets is certainly worthy of a story. But the full story revealed by your data is that even in a year with significant losses in the stock market, large foundations increased the amount of grants paid to charities.
Dorothy S. Ridings
President
Council on Foundations
Washington, D.C.
