Charitable giving through foundations increased during 2005 and the number of foundations grew for the first time in five years, according to a recent report from the Washington Regional Association of Grantmakers, which tallied the latest data available.
The number of foundations in the region is expected to have grown even further last year as the region’s affluent population turns to charitable giving.
“There’s been a huge boom in wealth that has come to our region in the past decade or so,” said Ben Glenn, a spokesman for The Community Foundation for the National Capital Foundation, a local organization that manages individual donor contributions through a variety of funds. “Philanthropy for people who acquire wealth may not think of it at first, but over time they see it as a good way to invest.”
The number of foundations in Washington region grew by 50 to a total of about 2,000 in 2005, the most recent year for which full data is available. Foundation giving in the region increased by 7.3 percent from 2004 to 2005 to more than $655 million, outpacing the nationwide figure of 5.5. percent. With some of the wealthiest, fastest-growing counties in the country located around Washington, foundation giving in the area should continue to grow in the years to come, said Tamara Copeland, president of the Washington Grantmakers.
Washington Grantmakers’ Tamara Copeland predicts growth in charity giving in the local area in the years to come.
“What’s happening is the foundation community is in many ways reflective of the overall economy,” Copeland said. “As long as the economy continues to grow we’ll see [increases]. If we see a downturn in the economy, it will be reflected.”
