January 15, 2009
Crunch Time
A growing number of charities are scrambling to make ends meet as lines of credit dry up and disappear
A group that serves adults with mental disabilities in California is rushing to find a new lender after a financial-services company abruptly pulled a line of credit that the charity taps monthly to pay salaries until state grant money arrives.
An arts organization in the Northeast has been forced to sell investments at fire-sale prices to pay a line of credit that has shrunk precipitously along with the value of the equities the group uses as collateral for the loan.
And a New
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