February 12, 2009
Taking a Big Hit
Foundation assets drop by 28%, a new Chronicle study finds
The steep decline in the stock market last year triggered an erosion of foundation wealth, with many grant makers losing nearly one-third of their assets, according to a new Chronicle survey of many of the nation's largest philanthropies.
At the 60 grant makers that provided financial data for 2007 and 2008, assets declined a median of 28 percent.
Foundations with investments in bankrupt or hard-hit companies fared much worse. For example, the Starr Foundation, in New
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