Tuesday, February 20, 2001

In an Uncertain Climate, Philanthropy Is Slowing
In recent years charitable giving has reached new highs, and many organizations, from the American Heart Association to the American Friends Service Committee to the Museum of Modern Art in New York, say they have not yet felt any sign of the weakened economy.

But the decline in foundation assets may herald widespread trouble. Foundation giving almost tripled over the last decade, to $20 billion — support that is especially crucial to nonprofit organizations in lean economic times, when individual and corporate donations dry up.

But several prominent foundations lost a substantial share of their asset value over the last year, the Chronicle survey said. With the shakeout in technology stocks, for example, the assets of the David and Lucile Packard Foundation, in Los Altos, Calif. — invested almost entirely in the stock of Hewlett-Packard and its spinoff, Agilent — dropped 25 percent, to $9.8 billion.
http://www.nytimes.com/2001/02/19/national/19CHAR.html?pagewanted=all

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