THE RHODE ISLAND FOUNDATIONS NET ASSETS shrank from $575 million to $428 million during 2008, according to the nonprofits annual report.

PROVIDENCE The value of The Rhode Island Foundations investments fell 27 percent in 2008, the 93-year-old nonprofit has disclosed in its annual report.

The fair value of its investments slid to $409.16 million in 2008 from $561.07 million the year before.

The report also said the foundations 10-year average investment return was 5.8 percent at the end of last year, nearly double the national community foundation average.

The report also emphasized that 2008 was not a uniformly bleak year for The Rhode Island Foundation.

The foundation also said it received more than $44 million in new charitable gifts last year, the second-highest amount in its history. The Black Philanthropy Initiative had raised $250,000 toward a $1 million goal by the end of last year, while a $1 million campaign to fund Equity Action, which promotes gay rights, is on track to be completed by the end of March 2011, the report said.

The California Community Foundation has just awarded $900,000 to 19 Southern California nonprofit organizations. The grants are the first step in a three-phased Immigrant Integration Initiative to help immigrants integrate more fully into the civic and economic life of Los Angeles County. A total of $3.75 million has been allocated for additional programs in the Foundation’s five-year initiative effort.

Awards range from $25,000 to $200,000 for programs designed to ease tensions between immigrants and long-time residents, advocate for better community food resources and work with developers to influence local housing and commercial design projects. Other grantees will provide immigrants with increased access to job services and English language instruction in the workplace.