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Foundation 40
- The last decade has seen an explosive growth in new private foundations in North America, with the number rising a staggering 22% between 2001 and 2005 and representing over $500 billion in assets. This unbelievable increase in philanthropic giving is largely a consequence of the more recent economic booms in technology, finance, and telecommunications. In addition, tax legislation has evolved to encourage the establishment of foundations with incentives like tax credits that can be applied against personal income. Lastly, the history of philanthropy in America—more than anywhere else—has engendered a moral imperative to give away one’s wealth to those less fortunate. Giving back to the society that gave one the freedom to pursue one’s goals is not only laudatory, but it is expected.