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European foundations have an opportunity to step up and address the rising needs

Gepost op 1 juli 2020
With economic forecasts predicting the biggest-ever peacetime recession and stock markets and other asset prices being down...

With economic forecasts predicting the biggest-ever peacetime recession and stock markets and other asset prices being down, the value of foundation endowments has declined substantially. One might expect financial pressure and self-preservation instincts to lead foundations to reduce their payouts. But to the contrary, the coronavirus crisis has mobilized an unprecedented response by the global philanthropic community, with commitments of €10 billion. The list is led by Jack Dorsey’s donation of $1 billion and 16 grants from Google.org totaling €850 million.1 But does this picture also hold true when looking at Europe? Our analysis identified combined commitments for COVID-19 response by European philanthropy of almost €1.1 billion from corporations, foundations, and wealthy individuals.

 

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