In Foundations

Micronews on philanthropy.

Oil Down; Russian Philanthropy Future Questioned

From the Moscow Times:

[A] big question mark hangs over . . . philanthropic activity as the global economic crisis takes its toll.

“The question is what will happen in 2009?” said Maria Chertok, Russia director of Britain’s Charities Aid Foundation. “I have a feeling that this activity is folding.”

Chertok said she feared that corporate donors would cut contributions by at least a third this year.

Oil companies are among the biggest donors, and their profit margins are in doubt after world oil prices plunged from a high of $143 per barrel last summer to about $40 today. . . .

TNK-BP, the third-largest oil firm, is reviewing its philanthropic spending, spokeswoman Marina Dracheva said. “Spending for these purposes will not increase. This is obvious,” she said.

Potential cuts could hit a wide variety of institutions and communities, ranging from small Far North settlements in companies’ production areas to fine arts establishments in Moscow.

Full article here.


Filed under: giving, international