IRS Says Number of Charities and Foundations Hit 1.2 Million

The Chronicle of Philanthropy reported that the number of charities and private foundations registered with the Internal Revenue Service has increased by more than 5 percent in each of the past two years, and now has reached a total of almost 1.2 million (as of 2008). This finding is according to figures released by the tax agency, which also found that the number of groups classified under Section 501(c)(3) of the Internal Revenue Code rose from 2007 to 2008 by 58,548, or 5.2 percent — one of the highest percentage increases in recent years. Read more here.