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May 6, 2009, 05:06 PM ET
Foundations Should Find Creative Solutions in the Recession, Says Bill Clinton
While the economic recession is hurting nonprofit groups, they must respond by being more creative and working with businesses, government agencies, and one another, Bill Clinton told members of the Council on Foundations.
Mr. Clinton said his own charity, the William J. Clinton Foundation, is not immune from the downturn. Since September, $15-million in pledges have been unfulfilled due to the financial crisis. He added that thanks to cash reserves and trimming its operations budget, his organization has not had to cut back on AIDS projects in Africa or other charitable efforts.
Small nonprofit groups are also facing deficits, added the former president, saying he is helping the Methodist church he attends in Westchester, N.Y., raise money to run a food bank.
“This economy has hit this philanthropic sector pretty hard,” Mr. Clinton said. “I see this everywhere, large and small.”
He added: “The civil society of America is hurting.”
To survive and even expand their work, he encouraged grant makers to innovate and create cost-efficient programs. For example, he is working with companies and the New York City mayor’s office to make the Empire State Building more environmentally friendly.
The move will cost $33-million, he said, but will reduce the building’s energy expenses by $4.5-million a year, practically paying for itself in less than a decade.
He said such efforts need to continue and encouraged grant makers to persevere during the recession.
Said Mr. Clinton: “The role of the nongovernmental sector is essential.”
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