…or somewhere in the middle?
First, two weeks ago, we’re told the wealthy in Silicon Valley are among the stingiest when it comes to charitable giving, based on a study of tax documents.
Now, the SF Chronicle comes to a much different conclusion:
From 1999 to 2004, the number of foundations in California grew from 4,208 to 6,242, an increase of nearly 50 percent, surpassing the national growth of 35 percent, according to a recent study by the Foundation Center in New York, which tracks philanthropic giving. Santa Clara County — high tech’s ground zero — had the largest growth in the state, 148 percent, with 292 foundations formed
How do these two square? Could it be that the wealthy are increasingly setting up philanthropies that are organized as for-profits, and not the usual non-profits? Like the Google Foundation?