(Huffington Post) A financial advisor to nonprofits, Commonfund, has released a study of the investment portfolios of 175 nonprofits, concluding that investment returns were about 12 percent in FY2010.  Generally, foundations disburse the interest or return on investment to their grantees.  This signals a second year of growth after a devastating 26 percent decline in FY 2008.

While giving is still not as high as many nonprofits and foundations would like, donations appear to be trending up.  Commonfund’s Executive Director John Griswold, explains:

“Among operating charities, giving was stronger in FY2010, but far from robust. Among responding institutions, 17 percent reported decreased giving in FY2010, a marked improvement over the 38 percent that reported decreased giving in FY2009.”

Last in the chain reaction of economic recovery, nonprofits may still have to wait a while before donations return to pre-recession levels.