September 25, 2008 | Read Time: 1 minute
Charities that are “accustomed to generous grants from banks and financial-services firms should be prepared for some long, hard efforts to make up for some potentially prolonged fund-raising shortfalls,” writes Rick Cohen, a national correspondent for the Nonprofit Quarterly in a newly posted report that assesses much organizations could lose from the recent collapse of commercial banks and investment firms.
Using 2006 data from the Foundation Center, Mr. Cohen noted that six of the top 10 corporate grant makers in the United States are foundations established by companies in banking and finance.
Many of the banks that are now in trouble have traditionally given large sums, he notes.
Washington Mutual, which was seized by federal regulators and sold to J.P.Morgan on Thursday, gave $44-million in 2005, according to the Foundation Center. And the foundation created by Wachovia, the nation’s fourth largest bank, also in trouble now, gave more than $96-million last year.
For more information on giving by financial companies and other big businesses, see The Chronicle’s annual survey of corporate philanthropy.
