Boston.com / Business / Boston Foundation hiking aid to nonprofits by $2m: "Boston Foundation hiking aid to nonprofits by $2m
Funding formula revamped to account for pledged money
By Sasha Talcott, Globe Staff May 4, 2005
The Boston Foundation plans to boost the amount of money it will give away next year by $2 million and revamp its spending formula to make more grants to nonprofits annually, executives said yesterday.
The foundation, one of the city's largest charitable groups, will increase its annual giving target to 6 percent of its endowment from 5 percent. But in a decision that its executives describe as unusual, the foundation is not banking that an increased return on its investments will pay for that increase. Instead, it will rely on future gifts from donors to make up the difference. That change in funding formula will allow the foundation to give away more money than it otherwise would be able to, executives said."
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