The Chronicle of Philanthropy reports that contributions to the country’s richest charities declined last year, the first decline in 12 years.
The journal’s Philanthropy 400 survey, which ranks the nation’s major nonprofit groups by the money they raise from private sources, showed the impact of a shaky economy and increased competition for giving.
“Things are very unsettled now in the fundraising field,” Charles J. Pagnam, vice president for development at hard-hit Yale University, told the Chronicle. “We’re all under pressure to keep getting large gifts to support capital growth. But in these economic times, the number of people willing to make large gifts has shrunk.”
From Times staff and wire reports