Bloomberg Philanthropies update reveals generosity in 2012
May 02, 2013
For many foundations, giving to various nonprofits across the globe is not just a one time task - they have a history of being generous and plan on continuing to help out where they can.
For example, New York City Mayor Michael Bloomberg's Bloomberg Philanthropies has been in operation since his self-named technology corporation opened its doors in 1981. For more than 30 years, the group has been dedicated to helping charities in five focus areas - public heath, environmental initiatives, the government, education and arts and culture.
Last year, however, was marked by particularly generous donations on the part of Bloomberg Philanthropies, its first annual review recently revealed. The text explained that in 2012, the organization gave approximately $370 million to a multitude of different charities and individuals.
For example, Bloomberg Philanthropies reported that it held the Bloomberg Ideas Camp in late 2012, during which it awarded funds to those who came up with innovative ideas that would help American cities improve the lives of its residents through public sector projects. A group in Rhode Island won $5 million, while $1 million prizes were given to people in California, Texas, Illinois and Pennsylvania.
These types of initiatives are expected to continue through this year, as Bloomberg noted that the foundation will begin a $220 million commitment to reducing tobacco use, among many other projects.
Foundations that support nonprofit programs year-round can use grant management software to help board members and accountants track funds and recipients as awards are allocated.