Monday, September 8, 2008

Will the Government Takeover of Fannie and Freddie Mean Less Philanthropic Giving?

The Washington Post reports on September 8, 2008, that the recent government takeover of Fannie Mae and Freddie Mac might have an adverse impact on charitable giving.  here is an excerpt from the article:

Last year Fannie Mae dissolved its foundation -- an organization that has put more than $1 billion into education, affordable housing, education and economic development programs since 1979. The company said its philanthropic activities would be handled in-house, and it continued to give to local organization and initiatives. Among its 2007 programs, the company pledged $10 million to improve infrastructure in D.C. schools and $1 million in grants to help revitalize D.C. neighborhoods. Its annual Help the Homeless walkathon raised more than $7 million last year to support 175 local homeless service providers, such as Reston Interfaith, last year.

There was hardly any mention of mortgage giants' philanthropy at yesterday's news conference, only that government "will review the charitable activities."

But Bo Sims, a staff member at DC Central Kitchen, feared the worst. "I don't suspect the government will take up their slack."

For the entire story, see "Wondering What's Next for Fannie and Freddie - Business Leaders, Charities Uneasy After Federal Takeover" in the September 8, 2008, issue of the Washington Post.

DAB

http://lawprofessors.typepad.com/nonprofit/2008/09/will-the-govern.html

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