Market Decline Takes Toll on Major Fort Worth Foundations
February 11, 2009
The stock-market plunge has cost many of the biggest philanthropic institutions in Fort Worth, Tex., as much as 30 percent of their investment portfolios, reports the Fort Worth Star-Telegram.
The Sid W. Richardson Foundation, with assets of $426-million, has seen its portfolio wither by 25 to 30 percent. And even though the Amon G. Carter Foundation pulled out of Bear Stearns, Freddie Mac, and Fannie Mae relatively early in their declines, the $493-million foundation suffered 16 percent losses.
