FAIRFIELD CONN. – Foundation Source, the nation’s leading provider of support services for private foundations, announced key corporate results for 2009, including reaching important milestones in terms of assets under administration and the number of private foundation clients it serves.
For the year ending December 31, 2009, Foundation Source reported year-over-year growth in assets under administration (AUA) from $3.1 billion to $4.2 billion. The number of Foundation Source clients grew to 871 foundations primarily run by active donors and their families. The company also noted that its family foundation clients made grants totaling $250 million, representing a 9% increase in the number of grants made compared with the previous year.
“Our company’s performance during one of the worst recessions ever reflects the tremendous value we provide to clients,” said Andrew Bangser, Foundation Source’s president. “And the fact that grants made by our clients increased by 9% demonstrates how family foundations are stepping up in hard times.”
Page Snow, Foundation Source’s chief philanthropic officer, added: “The nation’s 70,000 private foundations continue to grow, diversify and do important work despite a difficult economy. One notable aspect of this growth is the changing style of foundation philanthropy in which donors and their families are more directly involved in shaping and guiding the programs that matter most to them.”
Foundation Source introduced two new services 2009 as part of the company’s “Advanced Service” offering. The Foundation Source Program Office, an aggregation of more sophisticated back office services including scholarship management and program related investments, and Foundation Source Advisors, a philanthropic advisory service staffed by Philanthropic Directors in San Francisco, Chicago and Boston. The company said its plans for 2010 included further expansion of its Advanced Services offering specifically oriented to meet the needs of foundations as they evolve from inception to impact.
About Foundation Source (www.foundationsource.com)
Foundation Source is the nation’s leading provider of support services for private foundations. The company’s back-office, online and support services ease the burden, freeing foundations to focus more on mission, strategy and family priorities and less on back-office administration and compliance tasks. The result: better run foundations with greater social impact. Foundation Source was recently named Philanthropic Group of the Year by the editors of Private Asset Management.
Foundation Source provides its full range of award-winning services to nearly 900 private foundations coast-to-coast representing $4 billion in foundation assets. Foundation Source provides its services through partnerships with the nation’s leading private wealth management firms, trust and estate attorneys and CPAs. The company is headquartered in Fairfield, CT with regional offices in Atlanta, Boston, Chicago, Denver, New York City, Philadelphia, Salt Lake City, San Francisco and Seattle.