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Local Community Foundation Mirrors National Growth
Local Community Foundation Mirrors National Growth
Murrells Inlet, SC, (July 25, 2008) —According to a recent article published in Philanthropy Journal, the nation’s community foundations are vastly outnumbered by other types of funders. However, on behalf of their colleagues across the nation, Waccamaw Community Foundation is pleased to report that the influence of community foundations is growing as rapidly as their grantmaking. From 1990 through 2007, cumulative giving by community foundations grew by a staggering 421 percent, compared to 194 percent for independent foundations and 91 percent for corporate funders, according to "Key Facts on Community Foundations," an April, 2008 report by the Foundation Center. Other impressive statistics from this report include:
- Community foundations account for only 1 percent of US funders, but they contribute almost 10 percent of the grant dollars.
- Giving by community foundations jumped nearly 14 percent in 2007 to an estimated $4.1 billion. (Adjusted for inflation, giving rose 10.7 percent.)
- Almost two in three community foundations expect to give even more in 2008.
- Nationwide, approximately 717 community foundations collectively hold assets valued at an estimated $50 billion.
- More than 42 percent of those foundations reported giving more than $1 million in 2006.
“Waccamaw Community Foundation is on the leading edge of this incredible growth trend,” comments WCF President Jonathan P. Kresken. “Established in 1999 with only $1,200, our Foundation now manages nearly $20 million in assets and has invested nearly $6 million into programs that improve the lives of thousands of our neighbors.”
James Johnson, Chairman of Waccamaw Community Foundation’s Board of Directors, points out that the Foundation’s growth serves as a testament to the fact that “a giving spirit is alive and well in Horry and Georgetown Counties … In 2007 alone, our Foundation disbursed over $1.5 million in grant money to 200-plus non-profit organizations. We think that’s reason for celebration!”
Waccamaw Community Foundation is a tax-exempt public charity organized and operated as a permanent collection of endowed funds for the long-term benefit of Horry and Georgetown Counties. It enables people with philanthropic interests to easily and effectively support the issues they care about — immediately, or through a will. Donors can establish charitable funds at the Foundation by contributing a variety of assets.
For information about Waccamaw Community Foundation call 843.357.4483(GIVE) or visit the website at www.waccamawcf.org.
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