It’s another casualty of the downturn in the economy.
Earlier this week, we told you about worries at the Grey Bruce Regional Health Centre Foundation regarding their endowment fund.
Community Foundations are concerned as well.
President and CEO of Community Foundations of Canada Monica Patten says all of the community foundations in the country are watching the current economic climate with concern.
She says across the board, including at the Community Foundation Grey Bruce, their investment returns are down.
Patten says that in turn affects how the foundations can put grants out into the community.
She says the focus over the past month has been on the plight of business, but communities are “ground zero” in terms of the impact of the crisis.
Patten says community foundations across Canada are currently holding meetings to make crucial decisions about their granting abilities.
She says some foundations have cut back on their grants to community groups, and others are considering getting the community groups together to talk about sharing some services.
Patten says regardless of the current downturn in the markets, the Community Foundations are in the game for the long haul.
She says the economy has seen downturns before, and will recover.
This week, Community Foundations from across Canada and around the world are gathering in Montreal for their national conference.
