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Pennies for Progress

In 2008, on the eve of the worst economic downturn since the Great Depression, America’s foundations were doing better than ever. During the economic calamity that followed – as the housing, labor and stock markets collapsed – foundations weathered the storm better than most. Meanwhile, the public these foundations serve was suffering. One might expect foundations, whose charitable dollars escape taxation by virtue of serving the public good, to have increased their support for underserved communities during and after the Great Recession. We found that in the decade that ended in 2013, foundation support for America’s marginalized communities grew just 5 percent as a Read more