Nonprofits that depend on money from the nation’s banks are struggling as financial companies, worried about the market turmoil and threats of a double-dip recession, hold back on their giving,The New York Times reports.
The tight giving climate has been toughest on charities with a financial bent, like those that advise low-income borrowers and budding entrepreneurs, the newspaper says, since those groups often get a big share of their money from banks.
Citing The Chronicle‘s studies of corporate giving, the newspaper notes that the pool of financial donors has not recovered since the 2008 economic crisis caused Lehman Brothers to file for bankruptcy and Merrill Lynch to be taken over by Bank of America.
Even so, financial companies accounted for the largest amount of corporate cash donations in 2010, roughly $2.11-billion, according to the Committee Encouraging Corporate Philanthropy, a group of business leaders.
The tight giving climate has been toughest on charities with a financial bent, like those that advise low-income borrowers and budding entrepreneurs, the newspaper says, since those groups often get a big share of their money from banks.
Citing The Chronicle‘s studies of corporate giving, the newspaper notes that the pool of financial donors has not recovered since the 2008 economic crisis caused Lehman Brothers to file for bankruptcy and Merrill Lynch to be taken over by Bank of America.
Even so, financial companies accounted for the largest amount of corporate cash donations in 2010, roughly $2.11-billion, according to the Committee Encouraging Corporate Philanthropy, a group of business leaders.
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