Foundation Giving for Economic Development in Ohio on the Rise
Grant Dollars Increased 152% Over Three Years
New York, NY — May 5, 2011. A new report from the Foundation Center finds that there is a growing interest among large foundations in Ohio in supporting economic development activities in the state. According to Spotlight on Economic Development Grantmaking in Ohio, grant dollars increased from $24.5 million in 2005 to $62 million in 2008, a 152% upswing. As a share of total giving in Ohio, economic development grants doubled, from 7 to 14 percent.
In 2008, nearly half of these grant dollars supported employment training and services, thanks in part to a $20 million grant from the John S. and James L. Knight Foundation to the University of Akron Foundation's BioInnovation Institute, which is expected to create 2,100 jobs in Akron. Another quarter of the economic development dollars supported urban development projects.
"Foundations are demonstrating a growing interest in seeding a new economy and securing a prosperous future for Ohioans," said Cynthia Bailie, director of the Foundation Center's Cleveland office and author of the report.
Spotlight on Economic Development Grantmaking in Ohio is available at Focus on Economic Development Grantmaking in Ohio, a special area of the Foundation Center's web site. In addition to the report, free online resources include an interactive map of economic development grants in Ohio, a video highlighting the report's findings, audio and video recordings of local leaders in the field talking about Ohio's funding landscape, and links to other published reports.
Spotlight on Economic Development Grantmaking in Ohio examines the grantmaking of 70 private and community foundations that have engaged in economic development grantmaking for Ohio in 2008 and explores the growth in support from 2005 to 2008. The report and web area were funded in part by the Cleveland Foundation, Generation Foundation, George Gund Foundation, and Burton D. Morgan Foundation.
Cheryl Loe
Communications Project Manager
The Foundation Center
(888) 356-0354 ext. 701
communications@foundationcenter.org
About the Foundation Center
Established in 1956 and today supported by close to 550 foundations, the Foundation Center is the leading source of information about philanthropy worldwide. Through data, analysis, and training, it connects people who want to change the world to the resources they need to succeed. The Center maintains the most comprehensive database on U.S. and, increasingly, global grantmakers and their grants — a robust, accessible knowledge bank for the sector. It also operates research, education, and training programs designed to advance knowledge of philanthropy at every level. Thousands of people visit the Center's web site each day and are served in its five regional library/learning centers and its network of 450 funding information centers located in public libraries, community foundations, and educational institutions nationwide and beyond. For more information, please visit foundationcenter.org or call (212) 620-4230.
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