Wednesday (3/4) on Bloomberg.com, Patrick Cole writes, “Corporations and wealthy individuals are donating less to nonprofits, with arts groups taking the biggest hit, according to two new studies. Of 158 companies polled by the economic-research group the Conference Board in February, 45 percent said they have reduced their 2009 philanthropy budget and 16 percent are considering it. The survey said 35 percent of the companies will make fewer grants in 2009 and 22 percent are thinking about it. When asked what they anticipate as their biggest challenge this year, companies cited an increase in the number of grant requests, inadequate financial resources and declines in the value of corporate foundation endowments. … Arts and culture will see the biggest drop, with 41 percent reporting a decrease in resources. Environmental causes will see the biggest increase, with 28 percent. A Bank of America study said rich individuals—700 people polled had household incomes of more than $200,000 or a net worth of at least $1 million—gave an average of $4,792 to the arts, down 71 percent from $16,465, between 2005 and 2007, the latest data available.”
Posted 3/4/2009
