"Giving by the nation's more than 66,000 grantmaking foundations increased to a new high of $32.4 billion in 2004, according to Foundation Growth and Giving Estimates: 2004 Preview, a new report from the New York-based Foundation Center. This estimated 6.9 percent rise reversed two years of modest reductions. The beginning of a stock market recovery and higher levels of new gifts into existing foundations in 2003 were the primary factors driving up 2004 giving. Newly established foundations also contributed to the growth." Source: Foundation Center
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