The New York Life Foundation increased its 2013 charitable giving budget to $14.5 million, a 7 percent increase over last year's budget of $13.5 million.

The increase will support programs in the Foundation's focus of "Nurturing the Children," particularly in the areas of educational enhancement and childhood bereavement. This is the third consecutive year the Foundation's budget has increased.

Since 2008, when the Foundation expanded its focus to include childhood bereavement, New York Life has been leading efforts to broaden the national discussion on this topic. The Foundation provided more than $10 million to nonprofits that provide bereavement support and has also spearheaded research on the effects of the loss of a loved one.

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