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TopStoriesintheNews Hard-Pressed Nonprofits Wait, Hope for Recovery As they did in 2008, Barack Obama and the ailing economy dominated the headlines in 2009, leaving foundations and nonprofits scrambling to adjust to new economic realities and holding fast to their hope that philanthropy and the nonprofit sector had an advocate in the White House. he year began much as the previous one had ended: with private and public sources of funding squeezed by turmoil in the financial markets, a slowing economy, and rising unemployment. The battering suffered by many endowments and investor portfolios in 2008 — a January survey by the Chronicle of Philanthropy found that the typical foundation endowment had lost nearly 30 percent of its value over the previous 12 months — had foundations and their nonprofit grantees playing catch-up before a single New Year’s resolution could be broken. Fallout from the Ponzi scheme run by New York City-based money manager Bernard Madoff further chilled the fundraising climate. Indeed, it seemed that no one could avoid the pain. With foreclosures mounting, the auto industry ailing, and the unemployment rate climbing past 8 percent, calls for the White House and Congress to include assistance for nonprofits in their economic stimulus plans reached a crescendo by late January. Proposals designed to help the sector navigate the economic storm included setting up a $15 billion bridge loan fund targeting human service providers, the extension and expansion of an IRA charitable rollover, and investing 10 percent of any stimulus directly into nonprofits. “We can take advantage,” said the Brookings Institution‘s Isabel Sawhill at the time, “of a huge network of institutions that work hard . . . to improve the welfare of communities and individuals, that will spend the money quickly, that have the capacity to spread the dollars widely, and that in the absence of such help will need to shrink and thus become another drag on the economy.” None of those proposals was included in the final package, the American Recovery and Reinvestment Act of 2009, though the $787 billion bill did include an Vice President Joe Biden looks on as President Barack Obama signs the American Recovery and Reinvestment Act on February 17, 2009, during a ceremony at the Denver Museum of Nature and Science. expansion of unemployment benefits and other social welfare provisions, relief for cash-strapped state governments, and significant funding for education reform. But the bill’s passage did little to stem the markets’ or economy’s slide. In fact, it wasn’t until Federal Reserve chair Ben Bernanke, in a speech to the Council on Foreign Relations in March, called for a review of “mark-to-market” accounting practices that confidence in the markets was restored. From their lows on March 9, a day before Bernanke’s speech, the Dow and S&P got off the mat and went on a nine-month tear, ending the year up more than 65 percent — an historic performance that did much to repair battered portfolios and investor psychology. As events would bear out, however, what’s good for the investor class doesn’t always translate into glad tidings on Nonprofit Street — at least in the short run. As Wall Street began to recover in the spring and summer, funding for nonprofits remained tight, unemployment continued to climb — the official rate would pass 10 percent in October before leveling off — and many nonprofit agencies found themselves struggling to meet the growing demand for their services. In June, a survey by the Listening Post Project at Johns Hopkins University found that 80 percent of U.S. nonprofits were experiencing fiscal stress, with close to 40 percent reporting that the stress was “severe” or “very severe.” And the stress wasn’t limited to nonprofits, as foundations large and small were forced to reduce headcount, cut or downsize programs, and look for other efficiencies. The willingness of private and community foundations to make tough choices, seek out opportunities for collaboration, and allocate resources to the 4 | Philanthropy Annual 2009
TopStoriesintheNews economically disadvantaged and others affected by the economic downturn was noted by many — as was the real possibility that 2010 would be another down year for foundation giving. Indeed, as the economy, aided by massive infusions of federal bailout money, limped into the fall and began to show signs of recovery, the outlook for 2010 was anything but clear. “We can’t single-handedly right this out-of-kilter economy,” said Rip Rapson, president of the Michiganbased Kresge Foundation, one of many foundations to have announced funding opportunities for safety-net and emergency-service organizations during the course of the year. “But we will, to the best of our ability, use our resources to provide maximum traction for our grantees, who work day-today to improve the life conditions of countless numbers of individuals.” Related stories from Philanthropy News Digest: http://foundationcenter.org/pnd/ > “Many Foundations Have Lost a Third of Their Assets, Survey Finds” (1/25/09) > “Nonprofits Hope for a Piece of Economic Stimulus Package” (1/27/09) > “Despite Decline in Assets, Foundations Are Responding to Those Affected by Recession, Report Finds” (5/8/09) > “Their Endowments Battered, Foundations Resort to Staff Buyouts” (6/23/09) > “U.S. Nonprofits Stressed but Surviving, Survey Finds” (6/30/09) > “Drop in Foundation Giving May Be Steeper Than Anticipated, Report Finds” (11/5/09) GO Global Health, Healthcare Reform Share Spotlight With media coverage surrounding healthcare reform reaching a fever pitch in the latter part of the year, it was easy to forget that 2009 opened with major news from the global health arena. Melinda Gates at a hospital in Dhaka, Bangladesh. n February, the Bill & Melinda Gates Foundation announced commitments totaling hundreds of millions of dollars to global health efforts, including $255 million to Rotary International for polio eradication efforts; $100 million to the International Partnership for Microbicides to help women in developing countries protect themselves against HIV infection; and $34 million to the Global Network for Neglected Tropical Diseases to treat and combat neglected diseases affecting the world’s poorest populations. The foundation, the largest private funder of global health initiatives in the world, continued its support for such efforts throughout the year, announcing additional commitments totaling hundreds of millions of dollars by year’s end, including $115 million to the Genevabased Medicines for Malaria Venture to fund MMV’s research and development pipeline for anti-malarial drugs. In fact, funding for malaria prevention was a major global health theme in 2009. United Against Malaria was launched over the summer with money from Gates and other sources to leverage global interest in soccer into increased support for malaria prevention efforts in the run up to the 2010 World Cup in South Africa, while Roll Back Malaria, a public-private partnership composed of multilateral agencies, nongovernmental organizations, and foundations, and the Acumen Fund each launched efforts during the year to develop and provide anti-malarial drugs to the developing world. Closer to home, healthcare reform shared the spotlight with the economy as the most discussed and analyzed issue of the year. In September, the U.S. Census Bureau released a report that found that the number of Americans without health insurance grew from 45.7 million in 2007 to 46.3 million in 2008 — a number that, according to the Obama administration, might have jumped by an additional six million in 2009 due to soaring unemployment. Against that backdrop, a string of reports funded by the Commonwealth Fund and the Robert Wood Johnson, Peter G. Peterson, and Henry J. Kaiser Family foundations highlighted the growing cost of healthcare in the U.S., weighed the pros and cons of different reform options, and warned about the perils of inaction. With the year drawing to a close and healthcare reform continues on page 6 Top Stories in the News | 5
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