Did philanthropy do its part in response to the economic crisis?
The verdict is still out—the crisis is far from over.
But the Foundation Center reports that $443 million in grants and program-related investments directly related to the crisis have been tracked in the last two years. That’s not bad for a sector that has “not been built for speed,” according to panelists of Monday’s town hall session “Did Philanthropy Do Its Part in Response to the Economic Crisis?” On the other hand, 60 percent of foundations reduced their payouts. How can we defend that?
So here are a few takeaways from the Council on Foundations’ annual conference town hall:
Stay tuned. This question of whether philanthropy is doing its part in this crisis is not going away—and our nimbleness and responsiveness will continue to be tested.
Robert S. Collier is president and CEO of the Council of Michigan Foundations.