Wednesday, October 07, 2009
Nonprofits Paying Price for Gamble on Finances
NYTimes.com: "Homeowners and businesses were not alone in taking on piles of debt over the last decade. Nonprofits of all sizes did the same, and now they, too, are paying the price."
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2 comments:
It's extremely unfortunate that in our nation's desperate economic situation that not only individuals, their business and families have to suffer but also the arts and the non-profit organizations made for the public, especially many of the organizations were relying on donations to eventually cover their debt. although the organizations engaged in some "risky financial behavior" its really unfortunate that museums, orchestras and other organizations are selling out their collection or closing down, especially since in an economic downturn those places would be really beneficial to the public
I can only agree with Grace. These nonprofits are founded on the promise of enriching the lives of their patrons, students, and patients/residents, and these issues with bonds only hampers their ability to do so. While on the college hunt, I had the opportunity to tour the extraordinary art museum at Brandeis University and I'm saddened to see it disbanded as a result of the economy. The article somewhat colors the tax-exempt bonds as "risky practices", but these bonds are integral necessities to receiving the funding for these institutions to thrive. The fact that these have soured is a bitter disappointment.
(Note: Posted during lunch break, Basic PTM is at 1:30pm today instead of the normal time.)
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