The stock market’s post-2000 slump has taken a toll on Pennsylvania’s charitable foundations, says a new report from Delaware Valley Grantmakers and Grantmakers of Western Pennsylvania.
Charitable foundation assets rose just 5 percent in 2000-2005, to $28.5 billion, down from a 68 percent jump in the 1995-2000 bull market. That means assets actually declined in the recent five-year period, after inflation.
Blame the stock market, but also credit a rise in donor-advised funds run by Vanguard Group, SEI Corp. and other popular investment firms, as an alternative to traditional charities, said Nancy Lanham, executive director of the Delaware Valley group.
Grantmakers also lists the biggest foundations in the region. Here's the difference five years makes: In 2005 same as 2000, the Pew (funded by Sunoco's founders), Annenberg (TV Guide) and William Penn (the Haases, from Rohm & Haas) foundations topped the list, each giving well north of $50 million/year.
Further down, the Lenfest (cable TV), Sidney Kimmel (Burlington Coat Factory) and Comcast foundations joined the Top 10, displacing the Independence, WW Smith and Arcadia foundations. Comcast was the only active Pennsylvania company to fund a foundation giving away $8 million or more that year.