Contributions to Community Foundations Increase Dramatically
(May 29, 2006) Community foundation enjoyed a record-setting year in 2005 for both contributions received and grants distributed, according to a new study by Community Foundations of Canada (CFC).
Donors contributed $245 million to community foundations in Canada in 2005, an impressive 17 percent growth from the previous year. It is the second consecutive year that contributions to community foundations have reached an all-time high.
In addition, community foundations contributed a record number of grants totaling $115 million across the country.
Because of strong investment returns, the total assets of community foundations in Canada now stand at $2.3 billion, another milestone.
Monica Patten, president and CEO of CFC, noted that in marked contrast to giving in years during the high-tech boom, which featured several gifts of historic size, 2005 saw a steadier stream of contributions. “This growth comes from the pockets of thousands of Canadians, and whether they contributed $1,000 or $10 million, —they all share a desire to see their gifts working hard in the community.”
During the high-tech industry’s apex, community foundations received some of the largest donations in Canadian history, such as $100 million from Winnipeg’s Moffat family and $40 million from a relative of the founder of Red Hat Inc.
Additional information about the growth in assets and grants of Canada’s community foundations can be found on the CFC website.
Community Foundations of Canada, based in Ottawa, is the national membership organization for the 155 community foundations found in cities, towns and rural areas across the country.