The Pittsburgh Foundation has announced the addition of $40 million in new donor-advised funds, a 54 percent increase over the previous year.

According to foundation officials, the addition of thirty-five deferred gifts and sixty-four new funds in 2004 produced a record year for Pittsburgh's largest community foundation. With the additions, the foundation's assets rose to approximately $623 million, while the number of funds it administers increased to 1,033.

"This is a magnificent tribute to the philanthropic spirit that is so strong in Pittsburgh," said foundation president and CEO William Trueheart. "Our growth in 2004 demonstrates the enormous generosity of donors across all sections of our community, from corporate and community leaders to families and individuals."

In 2005, the foundation will award grants totaling almost $23 million. Since 1945, it has awarded more than $328 million to charitable organizations in Pittsburgh and throughout the United States.