January 13, 2010 | Read Time: 1 minute
With the bad economy taking a toll on their assets, many foundations that support education causes decreased their giving last year, says a new report.
Of 140 foundations that focus on improving public schools, assisting colleges, and other education efforts, 59 percent say they trimmed their grant-making budgets compared to 2008. While the severity of the declines vary, 22 percent of the grant makers said they had cut their financial support by more than 20 percent.
Despite the tough times, the report from Grantmakers in Education, a national coalition of foundations in Portland, Ore., says that some foundations kept their giving steady (26 percent) or even increased it (14 percent). (One percent of the respondents did not know how their grant-making budgets shaped up compared to 2008.)
Foundations have made other changes to their operations and programs as they deal with the rocky financial straits.
Thirty-three percent said they had cut staff size or reduced salaries, 44 percent said they were assisting fewer grantees, but making larger grants, while 22 percent said they opposite-supporting the same number of organizations, but offering less money.
Grantmakers in Education noted other trends as well, like more interest in operating support for grant recipients; a willingness to work more closely with other foundations, school districts, and the government; and a focus on advocacy work.
