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A44

April 17 • 2008

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1374500.

mericans continue to
default on their mortgages
in numbers not seen since
the Great Depression. Banks continue
to become more reticent about lending
money. The stock market continues a
herky-jerky ride.
The finance industry is still roiling
from last month's stunning collapse of
Bear Stearns, Wall Street's fifth largest
investment bank. The dollar continues
to fall against other world currencies.
While most philanthropy profes-
sionals feel some anxiety now, they are
bracing for what could be a calamity
in the world of charitable giving.
At its worst, they say, the stock and
real estate markets could continue
to slide and large foundations could
be forced to cut their allocations sig-
nificantly, smaller donations from the
middle class could dry up and what
has been a renaissance in Jewish pro-
gramming over the past several years
could come to a screeching halt. Also,
the dollar's decline could continue to
stretch the budgets of Israeli nonprof-
its.
At its best, the economy could stabi-
lize and there could simply be a short-
term slowing of philanthropic dollars
— a slowing that already has started.
"I think you will begin to see cut-
backs now in terms of commitments
for the future," said Richard Marker,
an independent philanthropy adviser
and a professor of philanthropy at
New York University. "If you were to
start a major campaign now and are
asking people for lead gifts, I think
you will begin to see an atmosphere of
reservation.
"People are beginning to be ner-
vous, especially in places where the
economy is so based on banking and
real estate. And I don't think that
the Jewish community is going to be
exempt. There is going to be tremen-
dous pressure on both the philanthro-
pists and the nonprofit world:"
Some are holding tight to the notion
that the economy ebbs and flows,

and after a period of unprecedented
growth over the past several years the
market is simply correcting itself. But
those considering the philanthropic
world believe they are peering over the
edge of a cliff, unsure about whether
they are about to fall over or be merci-
fully yanked away from it.
Philanthropy typically follows
the economy by two years — if the
economy falters, usually it takes two
years for philanthropists to slow their
giving.
Marker, who acts as an adviser to
a number of foundations and philan-
thropists, said he has heard of one
foundation that already has said it
will not provide grants next year, but
declined to name it.
At the annual conference of the
Jewish Funders Network, which gath-
ered some 350 of the world's wealthi-
est Jews and most prolific givers last
week in Jerusalem, philanthropists
and foundation professionals openly
expressed concern that a philanthrop-
ic recession is on the way.
Yael Shalgi, the president of Israel
Philanthropy Advisors, says she also
knows of several foundations that
already have cut their funding.
Even the behemoth of the Jewish
philanthropic world, the Baltimore-
based Harry and Jeanette Weinberg
Foundation, is nervous. The founda-
tion, which last year was worth some
$2.3 billion, gives out more than $100
million a year to charities, most of
which are Jewish.
Foundations are required to give
away 5 percent of their assets each
year, which means they generally try
to earn 7 percent annually on their
investments to pay for their allot-
ments and overhead.
But the Weinberg Foundation,
which has about two-thirds of its
money invested in various markets
and the rest in real estate, has lost 9
percent of the value on its invested
assets since the beginning of the
year, according to its treasurer, Barry
Schloss.
Schloss said the impact on the
foundation's giving will not be felt

Nonprofits on page A46