Caution Is the Watchword as Big Foundations Keep a Rein on Giving Despite Growing Assets

Kresge Seeks to Do More Without Spending More 1

Fabrizio Costantini

The Kresge Foundation, whose endowment dropped 20 percent from 2007, is trying to do more with less, says its leader, Rip Rapson.

The stock market may be roaring to new highs, but the nation’s biggest foundations expect to be cautious with their grant making for the rest of the year, according to a new Chronicle survey based on data from 192 funds.

Only 28 of the 81 foundations that provided The Chronicle with grant-making estimates plan to lift their spending during 2013.

Assets Still Down

Like retirees, foundations tap their savings to cover their