The ‘New Situation’ aka the Global Economic Crisis
from the Jerusalem Post:
Three weeks ago, a special gathering of rabbis issued an urgent call to the principals of haredi educational institutions, asking them to do their best in light of the “new situation,” and to avoid at all costs a cut in the monthly allowance for married yeshiva students.
The rabbis begged the principals to do their utmost to dispense the stipends on time and to avoid a situation in which the students might be forced to leave the yeshivot to secure other income for their families.
The call was later published in various haredi newspapers, adding to an already tense situation confronting the haredi sector.
from the Chronicle of Philanthropy (issue dated Oct.2):
The cataclysm in the nation’s financial industry poses an uncharted set of challenges for nonprofit organizations. The downturn could potentially affect not just private giving, but money charities get from government sources — and it is hitting at a time of year when many charities get the bulk of their donations. What’s more, for groups that serve the needy or others harmed by the economy, demand for aid is on the rise.
from the Nonprofit Quarterly:
In the wake of the federal government’s intervention in the financial markets this past week—unprecedented since the Depression era banking legislation put through by Franklin Delano Roosevelt—nonprofits should not look to philanthropy from commercial banks and investment firms to soften the blow of the ailing economy and the inevitable impact on the nonprofit sector.