Grants from private U.S. foundations broke records in 2006

The 71,000 grant-making foundations in the U.S. increased grants awarded to an estimated $40.7 billion during 2006, a record-breaking amount. This was a 11.7 percent gain over 2005, which saw a 14.3 percent increase compared to 2004.

According to the “Foundation Growth and Giving Estimates: Current Outlook” published by the Foundation Center of New York City, the last time U.S. foundations reported consecutive years of double-digit growth grantmaking was during the 1996 to 2001 period.

Looking ahead, grant-makers are optimistic about continued funding increases in 2007. One source of the growth: 12 pharmaceutical foundations founded during the last decades to distribute medications to needy patients accounted for close to 9 percent of foundation giving during 2005.