New York, NY (May 11, 2009)- Charitable giving by the nation’s nearly 2,500 corporate foundations remained virtually unchanged in 2008, according to the Foundation Center’s Key Facts on Corporate Foundations, an annual report on corporate foundation giving released today. Giving totaled an estimated $4.4 billion last year.
However, corporate foundation giving will most certainly decline in 2009, with the banking and finance industries accounting for about one-quarter of corporate foundation support in recent years and corporate earnings down across the board. Slightly more than half (51 percent) of corporate foundations responding to the Center’s annual forecasting survey said they expect to reduce their giving this year, with three-quarters of these funders anticipating decreases of more than 10 percent.
“Corporate foundations will not be alone in having to reduce giving this year, but the cuts may well be deeper than for other types of grantmakers,” said Steven Lawrence, senior director of research at the Foundation Center.
Other key findings from the report include:
Findings in Key Facts on Corporate Foundations come from the Foundation Center’s tracking of fiscal and programmatic information on more than 80,000 foundations, corporations, and public charities; annual surveys of leading grantmakers; and analyses of the giving patterns of more than 1,200 of the nation’s largest foundations. The report can be downloaded at no charge at our web site.
Corporate Foundation Giving Remained Flat in 2008, Will Decline in 2009