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.

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