Established in 1914, the Cleveland Foundation is the world's first community foundation and the nation’s third-largest today, with assets of $1.6 billion and 2008 grants nearing $85 million. The foundation improves the lives of Greater Clevelanders by building community endowment, addressing needs through grantmaking, and providing leadership on vital issues. Currently the foundation proactively directs two-thirds of its flexible grant dollars to the community's greatest needs: economic transformation (including advanced energy and globalization), public school improvement, early childhood and youth development, neighborhoods and housing, and arts advancement.