With congressional leaders reaching an agreement Thursday afternoon on the president’s proposal to pump $700 billion into the country’s financial system, it’s not yet clear how corporations and foundations will change their policies in giving grants and gifts.
However, if a report on WNYC Thursday morning is any indication, there might be a real sea change in nonprofit funding and fund-raising. Fran Barrett, the executive director of Community Resource Exchange, an organization that works with hundreds of nonprofits, said in the report that “the economic downturn will create a great demand for social services, just as nonprofits have to lay off their own employees.”
We’ve got all this talent and ability to help, and it’s just so frustrating that there are people out there who need our help, but the nonprofit sector will be limping along because it won’t be able to sustain itself.
What are some of the real effects of the current crisis on Wall Street on the non-profit world — how will the climate here change?