Nonprofits, Charities Brace For The Worst
The San Francisco Chronicle quotes Professor Emeritus and former Dean Paul Brest in an article about the dire outlook for charitable organizations resulting from the current financial crisis:
Paul Brest, president of the William and Flora Hewlett Foundation, said, "For the first time in the modern history of this foundation, we find ourselves in a national and global economic crisis."
Brest said that administrative budgets would be cut before grants. "There is no question we're going to have to do belt-tightening for 2009," he said. "We hope to keep our grant budgets as robust as possible."