Meyer Publications
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Press Release:
New Report Finds DC Area's Nonprofits Lack Funds to Weather Economic Crisis
Contact:
For interviews with Rick Moyers, Director of Programs, Meyer Foundation, contact:
Amy K. Harbison
Director of Communications
Meyer Foundation
202-552-7470
aharbison@meyerfdn.org.
For interview with report co-author Tom Pollak, contact:
Stu Kantor
Senior Public Affairs Associate
Urban Institute
202-261-5283
SKantor@urban.org.
Urban Institute:
nccs.urban.org
Urban Institute Report: Washington-Area Nonprofit Operating Reserves
By Amy S. Blackwood and Thomas H. Pollak
Imagine having expenses of $2,000 and take-home pay of $2,100 every month. You are living hand to mouth in good times. Then your employer cuts your hours by 30 percent to keep its business afloat. If you have some money in the bank—an operating reserve—you can survive.
If not, you could be in dire straits. This is the current predicament faced by many public charities in the Greater Washington area. Major foundations lost a median value of 28 percent of their endowments between 2007 and 2008. State and local governments in Maryland, Virginia, and the District of Columbia are all cutting back, most likely resulting in fewer grants and government contracts to public charities. In addition, private donations and fees, whether from tuition, patient fees, ticket sales, or other sources, are also likely to be down as unemployment rises and the economy continues to weaken. Download the Full Report