Friday, January 23, 2009

Ohio.com - Ohio foundations cut back

Ohio.com - Ohio foundations cut back: "Ohio foundations cut back

Nonprofit groups less likely to receive grants at same time that need for help grows

By Rick Armon
Beacon Journal staff writer

Published on Friday, Jan 23, 2009

More than half of Ohio's charitable foundations plan to hand out fewer grants this year because of losses in the anemic financial markets, according to a new survey by the Ohio Grantmakers Forum.

Foundations reported their financial assets tumbled between 15 and 40 percent over the past year.

With less money available, about 60 percent of foundations in the state said they will cut back on giving this year — a blow to nonprofit groups that are seeing an increased demand for help in the slumping economy.

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