Community foundations account for 1 percent of all U.S. grantmaking foundations but about 10 percent of giving. Despite the worsening economic climate, community foundations raised their giving by an estimated 6.7 percent in 2008 to a record $4.6 billion. (Adjusted for inflation, giving rose 2.7 percent.) This increase surpassed the rate of growth reported by independent and corporate foundations and, for the first time on record, community foundations gave more than corporate foundations. Community foundations have benefited in recent years from strong increases in the value of their existing assets and from new gifts and bequests from donors.