FAIRFIELD CONN. – April 23, 2010 –Foundation Source, the nation’s leading provider of support services for private foundations, announced a significant increase in giving by its foundation clients in 2009. According to data collected from nearly 700 foundation clients, the number and size of grants under $1 million grew by 15% over the previous year. This runs counter to a broader trend among large, institutional foundations as recently reported in the Foundation Center‘s 2010 “Foundation Giving Forecast Survey.”
According to Foundation Source President Andrew Bangser, “The survey conducted by the Foundation Center showed an overall decline in 2009 giving as might be expected during a recession. Because the sample was skewed toward larger, institutional foundations, their findings did not reveal a fascinating trend among small to medium size foundations led by individuals and families. This important subset of the foundation world actually increased their giving by 15% in 2009.”
According to Bangser, Foundation Source’s findings were drawn from real-time data captured as the company processes grants for its client foundations, rather than survey responses. Foundation Source plans to continue to report data about its family and donor led foundation clients throughout 2010.
Commenting on the significance of the findings, Page Snow, Chief Philanthropic Officer at Foundation Source, said, “Our data shows that foundations led by individuals and families stepped up in a big way during a difficult year. This reflects their deep spirit of generosity and ability to make an immediate impact in their communities. It also demonstrates their flexibility and the fact that they target areas of need quickly and effectively.”
About Foundation Source
Recognized as Philanthropic Group of the Year by the editors of Private Asset Management, Foundation Source is the nation’s leading provider of support services for private foundations. The company’s full suite of back-office, online and advisory services allows foundations to focus on their mission, strategy and family priorities, and spend less time on administration and compliance tasks. The result: better run foundations with greater social impact.
Foundation Source offers a full range of award-winning services to over 900 private foundations coast-to-coast representing over $4 billion in foundation assets. Foundation Source provides its services independently and 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, Los Angeles and Seattle.
Chief Philanthropic Officer