The Daily Tell

Charitable foundations in Georgia grew at an expedited rate between 2002 and 2007 and topped $1 billion in gifts for the first time in state history, according to new data released by the Foundation Center on Tuesday.

According to the foundation in its report, titled Key Facts on Georgia Foundations, assets held by charitable foundations base within the state increased by 58 percent in the five-year-period from 2002 to 2007, growing from $8.4 billion to ?13.3 billion. The number of foundations within the state increased as well, increasing 16 percent from 1,262 in 2002 to 1,470 in 2007.

The report also found that the amount of funding given by the charities increased as well, growing 23 percent from 675.3 million in 2002 to $830.1 million in 2007.

However, perhaps most notable was the substantial increase in the amount of gifts received by the Georgia foundations. While they received $271.7 million in gifts in 2002, that figure increased by 299 percent by 2007, which saw the amount of gifts received hit $1.08 billion.

"The increases in foundation assets, giving to nonprofits, and gifts to foundations in 2007 were significant and reflect the economy of that five-year timeframe," said the report’s author, Pattie Johnson, director of the Foundation Center’s regional center in Atlanta. "This report will provide a crucial baseline when we analyze giving and assets for 2008, the year the recession began, and subsequent years."

Another finding in the report found that the Robert W Woodruff Foundation was easily the largest and most active charity within the state in 2007. The Woodruff Foundation, which establishes
"charitable, scientific, and educational services" through grant donations to public charities within the state, led all state charities in both total giving in assets. In 2007, the Woodruff Foundation gave $95.2 million while utilizing $2.7 billion in total assets.

The Foundation Center was established in 1956 to connect nonprofit organization and grantmakers in order to promote philanthropic actions across the country. They are currently supported by nearly 550 foundations across the country.