October 16, 1997
Community Funds See Assets Grow by 28%; More Than $2-Billion Raised in 1996
Gifts to community foundations jumped 14 per cent last year, to more than $2-billion, according to an annual survey by the Columbus Foundation in Ohio.
The amount of money the foundations distributed to charities also went up, rising 13 per cent, to almost $1-billion.
Meanwhile, assets of community foundations, buoyed in part by a strong stock market, grew by 28 per cent, totaling $17-billion.
Because of changes in accounting rules, as well as
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