May 13, 2009
Most Corporate Foundations Expect to Cut Giving in 2009
The Foundation Center reports that in response to its annual forecasting survey 51 percent of corporate foundations stated they expect to decrease their giving in 2009, with over three-quarters of these foundations anticipating declines of more than 10 percent from 2008 levels. In 2008, corporate foundations gave approximately $4.4 billion. While only a small fraction of the estimated $300 billion in annual giving across the United States, such reductions may hit certain kinds of charitable efforts disproportionately. For example, the survey found that in 2007 20% of corporate foundation giving went to public affairs and social benefit programs (including civil rights, social action, community improvement and development, philanthropy and voluntarism, and public affairs), 19% went to human services, and 12% to arts and culture.
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