In Foundations

Micronews on philanthropy.

MN Fdn Leader: Philanthropy Can’t Fill Gaps Left By Govt Shortfalls

From Bill King, Minnesota Council on Foundations President:

In philanthropy we are used to having government or others point to philanthropic resources as the source of funds to “fill the gap” in shortfalls, especially those we experience from state or federal government. Just last week it was reported that Senator Grassley from Iowa told charities that they should seek support from foundations and other donors before asking for financial aid from government. . . .

When we compare total contributions from foundations and corporate giving programs to the anticipated state budget shortfall of $5.2 billion (and possibly more) it is clear, by using pretty simple math, that philanthropy can not cover government budget shortfalls. Even if foundations and corporations discontinued 100% of their grantmaking and redirected those funds to cover government responsibilities, we would still be over $4 billion short.

Full article here.

Via @pndblog.

[Corrected. Thanks for those who caught our error.]


Filed under: government

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