COUNCIL ON FOUNDATIONS - Responding to hard economic times

The Council on Foundations estimates that foundation assets dropped by 30-45 per cent in 2008, resulting in a loss of $280 billion of philanthropic resources. The response of Council members to the recession has varied. Some private foundations are increasing their payout in 2009 beyond the required minimum 5 per cent of philanthropic assets, even though those assets have declined. Others are reducing grants across the board or limiting 2009 funding mainly to current grantees.