Nationwide, charitable foundations, which are heavily invested in the stock market, are wringing their hands over the economic downturn that has seen the market plunge more than 40 percent since last October.
As the assets go, so does giving.
The severity of the economic turmoil has foundation leaders uneasy about their ability to give, since they rely on healthy assets to hand out greater amounts of money.
"We've never seen this in our lifetime," said Monica Wroblewski, spokeswoman with the Council on Foundations, a nonprofit association in Arlington, Va. "Who knows what ramifications this will have?"
[Akron Beacon Journal]