Despite Economy, State’s Grantmaking Approaches $903 Million

HARTFORD — Connecticut grantmakers distributed more than $902.7 million in 2008, a 22 percent increase from 2006, according to 2010 Connecticut Grantmaking Highlights published by the Connecticut Council for Philanthropy.

The report, published every two years, uses data from the council’s online database, Connecticut Grantmakers Online (CGO) and measures the extent and changes of the state’s philanthropy. Information for the report was gathered primarily from 2008 IRS returns, the most recent year for which data is available. There are more than 72,200 grantmaking foundations in the US, of which 2,378 are active in Connecticut and included in this analysis.

“The start of the economic downturn in late 2008 had a significant impact on foundation activity that will be felt for years to come,” reports Nancy Roberts, council president. “Foundations’ assets fell one percent from 2006 totals and yet, because charitable distribution for foundations is often based on a three- to five-year past average, grantmaking did not decrease, but experienced a sizable increase.”

Key findings of the report include:

*The number of foundations active in Connecticut increased from 1,929 in 2006 to 2,378 in 2008, a 23 percent increase. Because a number of bank charitable trusts became private foundations by virtue of the Pension Protection Act of 2006, as of January 1, 2008, they are required to file a 990-PF. There was a major increase in reporting of these private foundations, which made up a large percentage of the new foundation numbers, especially in Hartford County.

*CT grantmakers held more than $8.8 billion in assets, a decrease of 1% from 2006.

*CT grantmakers distributed more than $902.7 million in grants in 2008, up 22% from 2006.

*1,015 foundations (43 percent of the total) granted less than $25,000 each, representing approximately 1% of the grants paid and 4.2% of the assets held.

*137 foundations (5.7 percent), distributing more than $1 million in grants, accounted for approximately 75% of the grants paid and 61% of the assets held.

*831 foundations (approximately 35%) were established between 1999 and 2008. These foundations represent 26% of the total assets and 27% of the grants paid in 2008.

*Of the total $902 million in grants, 60% came from private independent foundations, 26% from corporate foundations and giving programs, and 14% came from community or public foundations.

*Giving by corporate foundations and giving programs totaled more than $230 million, an increase of 27% over 2006.

*Fairfield County’s 991 foundations account for 42% of the state’s total, followed by Hartford County’s 919 or 39 percent.

The Connecticut Council for Philanthropy is a statewide association of family and independent foundations, corporate foundations and contributions programs, community foundations and other private and public grantmakers.

Founded in 1969 as a 501(c)(3) organization, the council enables funders to connect, exchange ideas, and address common problems, approaches, and interests.