The five largest family philanthropies in the Boston area grew by hundreds of millions of dollars in 2013, reaching total assets of $3.5 billion, The Boston Globe writes. Collectively, the Barr Foundation, the Flatley Foundation, the Jacobson Family Foundation, the Klarman Family Foundation, and the Yawkey Foundation more than doubled in size from 2008 to 2013, according to their latest tax filings.
The five organizations donated $168 million in 2013, a 20 percent increase from the previous year, but their giving has not gone up as fast as their assets. The Barr Foundation, the largest of Boston's family funds, boosted its holdings by 18 percent to $1.5 billion, but its charitable contributions declined from $58.4 million to $52.1 million. A foundation spokesman said it still met the federal mandate of giving 5 percent of assets a year by applying distributions from previous years that exceeded the threshold.