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]
Showing posts with label charitable; foundations; giving; non-profits;. Show all posts
Showing posts with label charitable; foundations; giving; non-profits;. Show all posts
11/8/08
How the financial meltdown will affect philanthropy and non-profits
[Excerpt of an interview with Jane Wales, President and CEO of the World Affairs Council/Global Philanthropy Forum and Vice President of the Aspen Institute.]
I think we have already seen in the UK and USA a situation in which the government has begun to shift responsibility for the provision of some services from the public sector to the social sector without shifting resources. In the USA , this process will accelerate because both the federal government and state and local governments are short on resources and the federal government has been engaged in deficit spending for a very long time.
I think we have already seen in the UK and USA a situation in which the government has begun to shift responsibility for the provision of some services from the public sector to the social sector without shifting resources. In the USA , this process will accelerate because both the federal government and state and local governments are short on resources and the federal government has been engaged in deficit spending for a very long time.
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