January 16, 2009
Investment Losses Force Foundation to Cancel Poetry Festival
By Ian Wilhelm
Due to losses on the stock market, the Geraldine R. Dodge Foundation has been forced to cancel its 2010 poetry festival, a nationally recognized event that attracts thousands of poetry fans.
Last year, 19,000 people attended the festival, which is held every other year in New Jersey and is the largest of its kind in America. It has featured Billy Collins, a former U.S. poet laureate, and other well-known poets.
David Grant, the foundation’s chief executive, said Dodge will continue to support poetry work, but the loss of 32 percent of its assets required it to cut costs.
“It’s not as if we’re going to stop doing poetry activities anymore, but we’re not going to spend the $1-million-plus for the 2010 festival,” he said. “The idea that the Dodge Foundation brings people together to directly experience poetry, that idea is alive and well. It will take different forms as we can afford them.”
Mr. Grant sent an e-mail message to poetry supporters this week to explain why the festival was being shut down. In the message, addressed to “poets, poetry teachers, and poetry lovers,” he writes that “depending on how things turn out, we may need to ‘reinvent’ the festival on either a more affordable scale or in a more affordable venue.”
Dodge’s assets fell from $305-million to $207-million in 2008. As a result, Mr. Grant said that its grant-making budget will decline by about $5-million this year.
“We know that both 2009 and 2010 are going to be lean years,” he said.
He said the foundation’s staff and board members are discussing where other cuts may be made, but have made no decisions yet.
“I’m not able to answer as specifically about our other areas of giving yet,” he said.
Aside from poetry activities, the foundation supports education and environmental causes, and charities in its hometown of Morris County, N.J.
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I’m so saddened by this news. Again, here’s an terrible harbringer of how hard the arts will be hit over the next few years.
I continue to wonder about one thing, and I would love to have a compelling answer about this… why are foundations unwilling to make the decision to dig into their endowment in times like this? I understand the desire for sustainability… but I’m not sure I always understand the rationale at somewhat larger foundations with endowments of $100 million or more. Really… I’d like to understand.
— Anne M. McCaw Jan 19, 01:17 PM #
Dodge might explore a partnership with the Poetry Foundation in Chicago. As foundations invite nonprofit organizations to collaborate, they will need to consider this as well. Poetry Foundation
444 North Michigan Avenue, Suite 1850
Chicago, Illinois 60611-4034
Tel: 312.787.7070
Fax: 312.787.6650
-Susan R. Logsdon, CFRE
— Susan R. Logsdon, CFRE Jan 19, 05:03 PM #