Non-Profits Face Tough Times, Too
Friday, September 19, 2008
New York, NY –
The crisis on Wall Street is likely to deal a serious blow to New York City's nonprofit world.
BARRETT: More people work in the nonprofit sector than work in finance, insurance and real estate combined.
REPORTER: That's Fran Barrett, the executive director of Community Resource Exchange, which deals with nearly 300 nonprofits. She says they rely on funds from four primary sources - corporations, individual donors, government, and foundations. And any hit on Wall Street is likely to hit all four funding sources.
But some foundations expect to weather the financial storm. The Carnegie Corporation says it takes a long term approach when it comes to setting gift levels.
New York City is home to 20,000 nonprofits.