Charities Struggle With Smaller Wall Street Donations
While Wall Street has slowly returned from the depths of the financial crisis, nonprofit groups that have come to depend on the industry’s donations are still struggling. With the global market turmoil and the threat of a double-dip recession, many big banks are clutching their cash or rethinking their giving strategy to maximize their dollars.
The changing nature of Wall Street giving has touched many corners of the nonprofit world. Financial firms accounted for the largest amount of corporate cash donations in 2010, according to the Committee Encouraging Corporate Philanthropy.