Foundations Stepping Up to the Plate

We recently wrote about actions the nonprofit sector can take to address its own economic crisis. One of those suggestions was for foundations to give more.

Now, two of the largest foundations are doing just that. The Bill & Melinda Gates Foundation expects its payouts to increase by about 10 percent in 2009. Meanwhile, the Ford Foundation has pledged to increase its 2009 payout by the same amount.

Ford Foundation President Luis Ubiñas, at a recent conference, said, "...it’s important to not let the short-term challenges of the stock market, which can usually last 24 to 36 months, undermine the long-term goals of social justice."

Steven Lawrence, senior director of research at the Foundation Center says he is hearing that some foundations will increase payout rates in 2009 to maintain their prior levels of giving, despite substantial decreases in their assets.

Read more at The NonProfit Times.