Thursday, September 18, 2008

Daily Pennsylvanian worried that market crash will impact giving to UPenn

Today's Daily Pennsylvanian, the student newspaper of the University of Pennsylvania, has an article expressing concern over the impact of the market crash on Penn's capitol campaign.

According to the DP article,

"Philanthropy experts say universities should be concerned but not panicked about the current climate for fundraising. "Giving does follow the economy as a general rule," said Sharon Bond, spokeswoman for Giving USA, a non-profit organization that conducts philanthropy research. But, "people do keep giving," she said.Bond added that philanthropic donations have increased every year for the past 40 years, except for 1987, when there was a change in tax exemptions.Statistically, when the economy is in recession, giving falls about 1.1 percent, Bond said. During a slow down, giving decreases by .5 percent. Non-recession years generally see a 4.3 percent increase. "

Give me a break! The University of Pennsylvania has a $6.6 billion endowment! It has already brought in $2.1 BILLION in its current campaign. I would think Penn students would be more worried about how the market crash is affecting the ability of their parents to pay tuition, or whether they'll be caring for aged parents whose 401K just bit the dust.

No comments: