Corporate Giving to Education Grows at Record Pace
America's corporations have become the sugar daddies of the philanthropic world, a turn of events that experts say will benefit precollegiate and higher education over the long term.
The amount of money contributed by the nation's 2,022 corporations skyrocketed by a record 22 percent between 1998 and 1999, outpacing gifts from independent and community foundations for the first time since the mid-1980s, a report released last week finds.
The study, completed by the Foundation Center, a New York City-based nonprofit organization that monitors giving, says that corporations donated an estimated $2.99 billion last year, up from...
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Correction:
Donors gave $9.7 billion to the nation's largest 1,009 foundations in 1998 to aid education. Funding given to higher education increased by 34 percent between 1997 and 1998.
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