Monterey, CA Private Foundations Up 12% In 2012

View From A Nonprofit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California

I was glad to read that private foundations are recovering well after the recession, with their endowments up 12% in 2012 after growing only 0.7% in 2011.  A new report from the Council on Foundations and the Commonfund Institute looked at 140 private foundations which have $78.7 billion in assets.  Much of the increase was due to solid returns in the stock market.  Unlike nonprofits like Hands to Help Seniors, private foundations look to invest their money so they have more to give away in future years.  This strategy, however, can backfire when the stock market tanks.  It's still a difficult environment for nonprofits and foundations.  "These are good results, but I think the philanthropic field is still struggling with diminished gifts and erratic returns year-to-year in the wake of the global economic crisis," William Jarvis, the head of the Commonfund Institute, told the Wal`l Street Journal.  We agree and we believe people will continue to be cautious with charitable donations until it's clear that the economy is rebounding significantly.

Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands to Help Seniors and the individual members comprising the Board of Governors.