Phyllis Cook: Next year could be tougher for nonprofits
The bounceback on Wall Street has boosted the net worth of many who lost big a year ago. Stiil, said Phyllis Cook, a philanthropic guru who is an adviser to a number of the country's largest givers, "There is still a feeling that this year will be a tougher and maybe more painful year."
Cook, speaking at the Biltmore Hotel in Phoenix for the Jewish Funders Network Conference, estimates that nonprofits have seen a 20 percent to 30 percent reduction in funds.
She said that for things to truly get better, the entire nonprofit field is going to have to work more efficiently and work together. And while there has been much talk about doing so, "we still haven't seen that yet," she said.
What we are witnessing now, Cook said, is still a correcting of years of misspent charitable dollars that allowed the nonprofit world to grow unchecked.
"We let too many flowers grow, and there may have to be a weeding out," she said.
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Rocky
04/27/10 01:23 PM
She might have mentioned the fact that the Bush tax cuts expire at the end of this year. That giant sucking sound you hear next year will be the discretionary income moving from Jewish doctors, dentists, lawyers, accountants and investment bankers to Washington. The Medicare taxes scheduled to go into effect in 2013 will be another hit on Jewish income.