February 12, 2009
Deep Cuts in Desperate Times
Budget chopping follows big losses by charity endowments
Some of the nation's largest charitable institutions suffered major losses to their endowments in 2008, forcing them to make deep cuts in operations that would have been unthinkable only a year ago.
After its endowment lost more than $3-billion in 2008, Shriners Hospitals for Children decided not to reopen a hurricane-ravaged hospital in Galveston and is postponing construction of two other hospitals. The J. Paul Getty Museum, in Los Angeles, may cut its budget by 25 percent, after
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