Atlantic Philanthropies well placed to face recession
Howard Lake | 27 October 2008 | News
Atlantic Philanthropies’ endowment, which funds many projects in Ireland, will be worth less due to the stock market meltdown but will not be as badly affected as other foundations, according Atlantic’s chief executive, Gara Lamarche.
“While no one planned for the magnitude of the stock market meltdown, Atlantic seems to be doing relatively better than many others, and since we are spending down our assets over the next ten years, not paying out grants on a fixed percentage formula like most foundations, we are not forced to cut spending as many other funders might be,” Mr LaMarche said.
Mr LaMarche believes that as well as foundations, corporate philanthropy will be hit by the recession as will their employees ability to give. Citing the US government’s takeovers of Fannie Mae and Freddie Mac, LaMarche said this could result in up to $47 million less in philanthropic support for child welfare, hunger and homelessness in America.
Government revenues and social spending will continue to shrink also, Mr LaMarche said. He was in Ireland last week to assess the challenges faced there by what he calls a ‘perfect storm’ of bad economic news.
www.atlanticphilanthropies.org
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.