# Atlantic Philanthropies well placed to face recession

- Link: https://fundraising.co.uk/2008/10/27/atlantic-philanthropies-well-placed-face-recession/
- Published: 2008-10-27T20:53:48+00:00
- Author: Howard Lake

**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](http://www.atlanticphilanthropies.org)
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.

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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

 * **[Atlantic Philanthropies appoints new CEO](https://fundraising.co.uk/2011/10/12/atlantic-philanthropies-appoints-new-ceo/)(
   12 October 2011)
 * **[Atlantic Philanthropies announces Irish grants for 2010](https://fundraising.co.uk/2010/11/19/atlantic-announces-irish-grants-2010/)(
   19 November 2010)
 * **[Atlantic makes €10 million donation](https://fundraising.co.uk/2006/01/23/atlantic-makes-e10-million-donation/)(
   23 January 2006)**