This study presents the findings of a three-year study to analyze the expense and compensation patterns of the 10,000 largest foundations in the United States. It finds characteristics such as foundation type, size, and operating activities are important factors for understanding differences in foundation finances. Despite the economic downturn and the volatility of the stock market during the study years (2001 to 2003), the patterns of foundation expenses and compensation are clear and consistent over time. This is the first large-scale, long-term, and systematic study of independent, corporate, and community foundations expenses and compensation patterns and the factors behind them.
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