New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
Bankrate.com
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Equity
Auto CDs &
Investments
Retirement Checking &
Savings
Credit
Cards
Debt
Management
College
Finance
Taxes Personal
Finance

Fed Blog Archives
Greg Mcbride
See the latest Fed Outlook blog items below, or search by topic (below right).
TABLE OF CONTENTS
 
 
 
 
Search by topic:
 

Philanthropy at risk

Friday, June 26
Posted 11 a.m. EDT

Philanthropy at risk

Charitable contributions just keep getting squeezed. According to Giving USA, a public outreach organization of the Giving USA Foundation, charitable giving in the U.S. exceeded $300 billion in 2008, but represented a decline of 2 percent in current dollars (5.7 percent after adjustment for inflation) over 2007.

More notably, it's the first decline in giving in more than 20 years, and only the second drop in 50 years.

Nancy L. Raybin, chair of the organization that created Giving USA Foundation, struggled to find a silver lining. "The fact that charitable giving was still more than 2 percent of GDP in 2008 is a bright spot in an otherwise negative climate for donations," she said in a press release.

It's not that people don't have noble intentions. It's just that in many cases, the pot of money pledged to charity has simply gotten smaller in the last two years.

An article in The Palm Beach Post says that the largest donation in the history of Florida Atlantic University, $16 million, is now uncertain. It seems that the benefactor, 81-year-old Barry Kaye, has fallen on tough times, as his business brokering life insurance settlements has dried up.

The Chronicle of Philanthropy reports that the second largest foundation in the U.S., the Ford Foundation, is suffering a 30-percent loss in assets, and to avoid cutting into its grants, has offered to buy out a third of its employees.

Similarly, the Robert Wood Johnson Foundation is planning to buy out 40 percent of its employees.

But there is a bright spot, as Raybin notes, and that is that the wealthy are still giving. Two recent $100-million pledges were also reported in the Chronicle of Philanthropy.

William P. Clements Jr., a former Texas governor, has promised $100 million to the University of Texas Southwestern Medical Center at Dallas, to be paid over the next four years.

And last month, J. Ronald Terwilliger, chairman of the Dallas Trammell Crow Residential real estate company, pledged the same amount to Habitat For Humanity.

Questions? Comments? E-mail Your_Wealth@bankrate.com.

-- Posted: Jun. 26, 2009

 
 
 
Create a news alert for "savings"
 
 RESOURCES
Fed Outlook archive
Fed Alert home page
Federal Reserve Web site
 TOP STORIES
Fame & Fortune: Monica Seles
10-year Treasury-buyer beware
9 cash-saving strategies that pay big bucks
Untitled Document
 

Checking and Savings
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
Interest checking 0.48%
MMA 0.39%
$10K MMA 0.35%
- advertisement -
- advertisement -
- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here.

Bankrate.com ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.