The steep drop in equity markets in 2008 triggered an erosion of foundation wealth, with many foundations reporting losses of nearly a third of the value of their assets, the Chronicle of Philanthropy reports. A recent Chronicle survey found that among the fifty-seven grantmakers that provided data for 2007 and 2008, endowments declined by a median of 29 percent. Not surprisingly, foundations with investments in companies that went bankrupt or were especially hard hit by turmoil in the economy and markets fared even worse.
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