Charities used to getting much of their money from major corporations and private foundations are feeling the economic downturn, the Wall Street Journal reports. Bill Gates’ foundation plans to give fewer grants next year, and other large donors are honoring existing pledges but refusing to make new ones. “You can’t give what you haven’t got,” said AIG’s former CEO, a major donor.
Overall, foundation endowments are down about $200 billion since last fall, a lobbying group reports. Gala fundraisers, a staple of New York’s charity scene, aren’t faring much better. Events—the ones that aren’t canceled—are raising far less than previous years. “I’ve never seen donations down this much before,” said the head of Tomorrows Children’s Fund, which scrapped its gala this month.