Charities Asked to Provide More Services with Less Support
As USA Today puts it in the title of an article about the effect of the economic crisis on charitable giving, "It's a hard time to be a charity." In a nutshell, government and private contributions to charitableDrop in Contributions
Many charitable organizations depend upon contributions to support their charitable activities. Sources of support include: corporate donations and sponsorships; giving by individuals; federal and state government grants; and grants from private foundations. Because of the widespread impact of the current crisis, support from all these sources has decreased or dried up altogether.
�œ The Lehman Foundation, the charitable arm of Lehman Brothers, has provided significant support for Doctors Without Borders. USA Today reports that, after Lehman Brothers filed for bankruptcy in 2008, the amount of future support for the medical care organization is uncertain.
�œ Notwithstanding its increased fundraising efforts, the American Red Cross has received lower contributions from corporate donors and new donors, according to USA Today.
�œ The Chronicle of Philanthropy describes the impact of the crisis on the World Cares Center, a New York charity that trains volunteers to respond in disasters. In the past, Wall Street investors have generously supported the organization. Now, however, World Cares Center expects that their fundraising efforts for 2008 will yield only half of the funds raised in 2007. To make ends meet, the organization reduced the executive director's compensation and froze staff salaries.
Demand for Services
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Charities with endowment funds, like other investors, have seen their nest eggs shrink by 30 percent or more.
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