BOSTON GLOBE: DOWNTURN SPURS SOME FOUNDATIONS TO GIVE MORE
Submitted by giarts-ts-admin on February 16, 2009
At a time when most foundations are cutting back or maintaining last year’s spending, a few are doing what hedge fund manager Ken Nickerson of the Eos Foundation calls “counter-cyclical giving.” They’re increasing their grants.
Nickerson heard a story last October that helped him decide how to steer his family foundation through this severe recession: A gentleman visiting a local food pantry offered $5 for his groceries. Even after a pantry worker assured him they were free, the man insisted on paying. “There are people out there who need this $5 more than me,” he said. The worker then laid his own $5 on the counter. Others did the same, and within moments the food pantry had collected $50. Read More.