Skip to main content
Philanthropy Journal Home

Philanthropy Journal News

Slump’s impact – Boom for volunteers

 | 

The dot-com crash hasn’t slowed corporate giving or volunteerism, according to news reports.

Stock gifts and donations to many nonprofits and foundations have slipped considerably in size and value, but big companies have kept their commitment to philanthropy, U.S. News reports in its June 11 edition.

And new high-tech millionaires, many younger than 40 years old, are applying the lessons of the crash to in their hands-on approach to philanthropy, the magazine said.

The $16 million Roberts Enterprise Development Fund, for example, devotes only 10 percent of its efforts to grantmaking, with the rest focused on working closely with the 10 nonprofits it supports that together operate more than 20 businesses.

The tech bust also has been a boon for volunteerism, the San Francisco Chronicle and The Washington Post both reported June 3.

While recruiters don’t expect a big exodus from the for-profit sector, the Chronicle said, they say more dot-com refugees are joining nonprofits and putting their skills to work to make a difference.

And Cisco Systems, to help offset big layoffs it recently announced, has is encouraging employees to work for charities that need help building the Internet into their operations.

Employees who agree to a year of service get one-third of their current base salary plus full benefits during the year, the Post said.

Frank Doyle, vice president for professional development at the American Society of Association Executives in Washington, D.C., told the Post that professional associations represent “a lot of opportunity” for tech-industry veterans, although the Post reported that tech veterans may experience some culture shock at professional associations.

For full story, go to U.S. News, San Francisco Chronicle and The Washington Post.

Leave a Response

Your email address will not be published. All fields are required.