In Foundations

Micronews on philanthropy.

Silicon Valley Community Foundation Cuts Workforce

From the San Jose Mercury News:

Hit by the economic crisis, Silicon Valley Community Foundation is laying off 14 percent of its workforce and closing its San Jose office. . . . A statement on the foundation’s website said the cuts were necessary due to a 22 percent drop in its total assets from $1.9 billion to $1.5 billion in the past 12 months, a decline triggered by the stock market plunge. In addition, although the foundation raised $190 million in donations, that represented a 36 percent drop from the previous year.

Full article here.

Via @adincmiller.

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Filed under: economy

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