Tuesday, May 18, 2010
The Indianapolis, Indiana-based private foundation,Lilly Endowment, Inc., announced on Monday that its assets declined 7 percent in 2009 to $5.3 billion. The endowment blames the economy for the decline. According to the endowment's 2009 annual report:
2009 proved to be another challenging year due to what many call the most significant economic downturn since the Great Depression. Not only did the value of Lilly Endowment's assets decline, the impact of the recent economic crisis continued to be felt by virtually all the endowment's grantees and the individuals and families they serve.
In 2009, Lilly Endowment donated $276.1 million toward its three priorities: education, religion and community development. Most of the money went to Indiana organizations. The endowment also approved $282.3 million in future grants during 2009.
Notwithstanding the asset decline of 2009, Lilly Endowment remains among the nation's 10 largest grant-making foundations, according the Chronicle of Philanthropy's annual ranking. The foundation was worth more than $8.3 billion in 2005.