Foundation giving drops 10% for 2009

Posted on: November 5, 2009

In Wednesday’s (11/4) Crain’s New York Business, Miriam Kreinin Souccar reports, “Foundation giving is expected to decline by more than 10% in 2009 and is likely to fall even further in 2010, according to a study released Wednesday by The Foundation Center. The drop is closer to the higher end of the 8 to 13% range decline estimated by the Foundation Center earlier this year. The results were culled from a September survey of nearly 600 of 5,000 large and mid-size independent, corporate, and community foundations in the United States. Despite the reduced resources however, more than three-quarters of the survey respondents said the field of philanthropy would become stronger and more strategic as a result of having weathered the financial crisis. … Some foundation executives who were surveyed said nonprofits need to pursue more creative fundraising strategies such as revenue-generating activities and collaboration, and rely less on traditional sources of support. They expressed concern that most nonprofits were not using the recession as an opportunity to rethink the way they operate.”

Posted November 5, 2009