Financial mayhem hurts non-profits, foundations

Foundations and non-profit groups that invest in the stock market are getting battered by recent Wall Street volatility.

Hardest hit are community groups that rely on both endowments and donations, which are also expected to decline, says Sigurd Nilsen, director of policy research for the Council on Foundations. The council represents about 2,200 grant-making foundations.

In a survey the council released in May, 52% of the community foundations that responded said they plan to distribute less grant money next year because of the economic downturn. Nilsen says the results still apply.

By Emily Bazar and Dennis Cauchon, USA TODAY

Full Story: http://www.usatoday.com/money/markets/2008-09-21-charities-foundations_N.htm