Ouch.
Earlier this month, the Council on Foundations released a report detailing the impact of the financial crisis on independent philanthropies. Overall asset values declined by 28 percent.
Another chart, about shifting targets, after the jump.
At least 60 percent of foundations noted that their target allocations have not changed since June 30, 2008, yet a quarter reduced their target allocations for equities (think stocks) and increased it for fixed-income securities and cash:
Safer stuff, plus cash.
Representatives of foundations' endowments serve as the "general partners" of investment funds, overseeing investment strategies and managers' performance. The losses mean that there will be less capital available for big-ticket projects, such as real estate developments and leveraged buyouts.
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