Foundation giving is expected to drop more than 10% in '09
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Thursday, November 5, 2009
Foundation giving is expected to drop more than 10 percent this year from 2008 and to continue falling next year, according to a survey conducted in September of almost 600 large- and mid-size organizations by the Foundation Center.
The decline reflects steep losses in assets this year, and the reductions are greater than foundations had anticipated at the beginning of the year. Many grantmakers said they had thought the recession would improve the nonprofit sector, encouraging organizations to work together and find creative ways to raise money.
More than two-thirds of the foundations surveyed said they had cut operating expenses in the past year by reducing expenses, freezing salaries or laying off employees.
The Foundation Center, based in New York, has tracked more than $427 million in grants from foundations nationwide in response to the economic crisis.
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