In 2005, 1,354 independent, corporate, community, and operating foundations headquartered in Georgia held assets of nearly $10 billion and gave more than $718 million in grants. During the volatile economic period from 2000 to 2005, the assets of Georgia foundations decreased slightly (-0.7 percent), but grantmaking by these foundations increased by 15.2 percent. The number of Georgia foundations in 2005 grew by 17.7 percent over the 2000 amount. More than half of all Georgia foundations have been established since 1994. The growth in the establishment of foundations in Georgia tracked that of the U.S. as a whole, except for 1997, when the percent of new foundations in Georgia increased significantly more than for all foundations. Just over one-half of Georgia foundations held more than $500,000 in assets in 2005, and a majority (54 percent) of the state's foundations gave less than $50,000 in 2005. The state's top ten grantmakers by total giving did not change and only two foundations switched places in their ranking. However, half of the top ten foundations increased their giving from 2004. Among Georgia's ten largest foundations by assets, half also showed increased assets from 2004. Except for the addition of the Watson-Brown Foundation of Thomson, Georgia, to the top ten, this growth in assets mainly resulted in a shuffling of the rankings.