Cuts prompt Ford Foundation to close offices abroad
Because of a sharp drop in its assets, the Ford Foundation is closing its offices in Russia and Vietnam, The New York Times reported April 30 (see Ford Foundation article). The foundation has reduced its costs by $22 million and plans more cuts.
British charities making cuts
British charities are cutting thousands of jobs as donations and investment earnings plunge in the face of a deepening recession, the Independent reported April 30 (see British charity article). After years of growth, the nonprofit sector also is suspending recruitment and trimming “non-essential” services.
Blue Cross board pay under scrutiny
Blue Cross Blue Shield of Michigan paid over $1.54 million to 34 board members the same year it lost $144.9 million, a loss that led to a move to raise rates, the Detroit Free Press reported April 29 (see Blue Cross article). Board compensation is getting closer scrutiny during the recession, with many companies cutting pay. Rhode Island banned board pay for its Blue Cross group, and Michigan’s attorney wants lawmakers to review Blue Cross board pay.
Recession prompting nonprofit consolidation
The recession is prompting nonprofits in the Bay Area to consolidate their operations, The San Francisco Chronicle reported April 29. Most of 326 charities surveyed by the San Francisco Foundation are stressed as a result of newly unemployed seeking aid, and the triple-threat of state funding cuts, smaller foundation grants and a sharp decline in donations.
South Florida nonprofits hurting in recession
Over 25 percent of 300 nonprofits surveyed in South Florida suffered negative cash flow in the last year, and many borrowed money to meet their payroll and make benefits payments, the South Florida Business Journal reported April 29 (see South Florida nonprofit article).
Emergency fund in Indiana receives donations
Large and small donations are supporting a charity fund to help people with financial emergencies, the Indianapolis Star reported April 29. The Lilly Endowment is giving another $1.5 million to the Community Economic Relief Fund, and St. Luke’s Methodist Church in Indianapolis is contributing $8,600 that the Moore Foundation will match dollar-for-dollar.