Three of Boston's biggest public foundations — the Boston Foundation, Combined Jewish Philanthropies, and Fidelity Charitable — reported record fundraising totals in their most recent fiscal year, as donors increased their giving amid uncertainty about the charitable tax deduction and a rising stock market, the Boston Globe reports.
The Boston Foundation — one of the largest community foundations in the country, with nearly $900 million in assets under management — reported raising $131.7 million in donations between July 1, 2012, and June 30, 2013, a 26 percent increase over its previous record high in 2008 and double what it raised in the previous fiscal year. Grants awarded by the foundation and its donor-advised funds also set a record, with nearly $98 million distributed to nonprofits in the Greater Boston region and beyond.
Over the same period, Combined Jewish Philanthropies, which has more than $1 billion in assets under management, received $223 million in gifts, up 7 percent from its previous record, in 2011-12. And Fidelity Charitable — which saw its total assets rise 35 percent, to $10.1 billion — reported $3.65 billion in new gifts, up 11 percent from 2012, with its outgoing grant total increasing 44 percent, to a record $1.84 billion.
Boston Foundation CEO Paul Grogan told the Globe that the debate in Washington over tax reform and limiting the charitable tax deduction at the beginning of the year helped drive his organization's fundraising success. "People pay attention," said Grogan. "The tax encouragement that our society has created, and sustained for some time, is clearly important to the magnitude of philanthropy in our country."