The Washington Post has an article about how the current economic downturn is affecting "non profit" organizations. Here are some of the money quotes:
"After nearly a decade of record growth, U.S. nonprofits are getting hit from all directions. Some foundations are scaling back on awarding grants as endowments shrink in the stock market meltdown. State and local governments -- facing falling tax revenue -- are slashing budgets and cutting back on funding."
"Fannie Mae and Freddie Mac. The mortgage finance giants have long been the Washington region's biggest corporate benefactors and gave a combined $47 million to charities last year. As a result of the federal takeover, Fannie and Freddie could decrease or halt their giving altogether, reshaping the area's philanthropic landscape. "
It's about time somebody looked at the money trail in the non profit sector. Non profits have been under the radar for so long just like the sub prime problems at Fannie Mae. It's time to take a good look at them and see who deserves to survive and is cost effective in providing needed services and who is just providing a "feel good" job for some liberal elites at taxpayer and donor expense.
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