December 1, 2008
Bailout for Nonprofits?
Teresa DeCrescenzo wrote a compelling op-ed published in the L.A. Times today. She serves as executive director of GLASS Youth and Family Services, at least for now - the organization may have to file for bankruptcy protection and that will mean the loss of 200 jobs and the loss of services for hundreds of children served by the organization. Ms. DeCrescenzo notes that "unlike some of the executives whose companies are being bailed out, I have never received a bonus, although I did lend my pension to my agency a few years ago to stave off insolvency. That money is all gone now. Maybe I could serve as a role model for the guys getting the $20-million golden handshakes."
Ms. Decrescenzo concludes by noting that the bailout her organization needs is $3-4 million, significantly less than the amounts going to save financial institutions and potentially going to save the auto industry. Her organization has lived frugally, has done good work to improve the lives of countless children, and will likely fall victim to the economic failure brought on, at least in part, by those executives who took more than they should have and continue to take more than they should.
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