Foundations Get High Marks for Response to Economic Crisis

Foundations appear to have responded quickly and intelligently to the economic crisis, directing more of their money for recession relief to the hardest-hit parts of the country, according to a study released today.

The study was conducted by Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, and paid for by the Philanthropic Collaborative, a group of foundations, nonprofit organizations, and lawmakers.

The study analyzed a sample of grants collected by the Foundation Center that numbered 2,672 and totaled $472-million. The grants were made from 2008 to 2010.