Giving Compass' Take:
- Philanthropy has the capital and the means to respond to this unprecedented crisis. Here are three primary ways that philanthropists and foundations can engage in various giving methods to address COVID-19.
- Are you effectively supporting nonprofits now? What is your plan to ensure that nonprofits survive and thrive during these difficult times?
- Read more about philanthropy in the time of coronavirus.
What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Global markets have been affected by the current climate, and the fear of a recession is high. How long this economic and financial uncertainty will last — not just for the U.S., but for the world at large — is anybody’s guess. The Great Recession of 2008 reduced total philanthropic giving by 7% that first year and by another 6.2% in 2009.
Many nonprofits are at risk during times of economic turmoil, especially those more localized in the community — think community theaters, art galleries, petting zoos, and local boys and girls clubs. Along with other elements, such as general anxiety about health concerns and government stay-in-place orders, the situation is devastating to charities that rely heavily on in-person support and face-to-face fundraising, such as annual auction galas, charity walks, car washes and daily food bank assembly lines.
In recent years, philanthropy has seen a positive uptick from all sectors of society. In fact, the majority of all giving comes from individuals and not from private foundations. Charitable capital can be deployed during turbulent times, and there are many avenues available to you as a nonprofit leader for doing this. Based on my experience, here is my advice for nonprofit leaders looking to engage their audience and supporters.
- Virtual Giving
- Third-Party Giving Tools
Read the full article about philanthropy during a crisis by Lawson Bader at Forbes.