February 3, 2005

IRS Releases Data on Foundations, Charities

By Elizabeth Schwinn

Charitable spending by foundations fell in 2001 for the first time in at least 16 years, according to a new report from the Internal Revenue Service.

In 2001, 70,787 private foundations spent a total of $27.4-billion on grants and other charitable activities, a 0.7-percent decrease over the previous year's expenditures. In 2000, 66,738 foundations spent a total of $27.6-billion. The decline in 2001 is the first since the IRS began keeping track in 1985, said a spokesman for the tax

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