Charitable Foundations See Endowments Drop

SEATTLE, June 25, 2009, Associated Press — U.S. foundations saw their investments drop by an average of 26 percent in 2008 amid the economic downturn and stock market collapse, but that hasn't slowed their charitable giving, a new survey has found.

Even the world's largest charitable foundation, Seattle's Bill & Melinda Gates Foundation, reported a 20 percent drop in its endowment in 2008. But it still managed to give away $3.5 billion, up from $3.2 billion in 2007.