Rasmuson Foundation Will Stop Making Big Grants
February 9, 2009 | Read Time: 1 minute
The Rasmuson Foundation, Alaska’s largest private philanthropic organization, will issue no grants worth more than $25,000 this year and plans to cut its 2009 grant making by 14 percent, to $19-million, the Associated Press reports.
Diane Kaplan, the foundation’s president, said in a speech last week to nonprofit groups that the number of small-grant awards will be about the same as in 2008, but the average amount given to each organization will drop by one-third.
The stock market collapse cost Rasmuson more than a third of its market value last year, as its assets plunged from $600-million at the end of 2007 to an estimated $380-million.
See The Chronicle’s study of how grant makers were affected by the downturn and what they are doing to cope.
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