The Silicon Valley Community Foundation, a community leader and grantmaking program, recently announced that it received more than $985 million in gifts during 2012. The organization, which is the largest single funder of nonprofits in the San Francisco Bay area, distributed $292 million in grants last year.

"We are honored that so many have chosen us as their preferred philanthropic partner," said Emmett D. Carson. "Charitable giving and effective philanthropy are needed now more than ever to address poverty, to build better schools, to address the threat of climate change and to fuel new ideas that can change the world."

The foundation is viewing the landmark year as a sign that charitable giving in the United States is rebounding, and also that the Silicon Valley might become a philanthropic hub in the future as the home to major IT companies. Historically, the Midwest and East Coast were the centers for foundations because huge corporations such as Kellogg and Carnegie were established there, Carson explained.

Last year, the Silicon Valley Community Foundationworked with private and corporate donors to set up a record number of charitable funds - 138 - topping previous totals since it was established in 2006 and started doing business in 2007.

Foundations and organizations that provide annual funding might benefit from nonprofit accounting software, which can help board members audit funds and make sure the correct amounts are being distributed to various programs each year.