Charitable foundations that support soup kitchens, the arts and educational programs throughout Greater Cincinnati are suffering huge financial losses at a time when their help is needed most.
The stock market collapse has wiped out as much as one-third of all foundation assets - about $200 billion nationwide - and forced some of the region's largest philanthropic organizations to consider deep cuts in their annual grants to charities.
The cuts could have a ripple effect that touches not only the hundreds of nonprofit groups that receive the money, but also the tens of thousands of people who rely on the services the groups provide.
Institutions as large as the Cincinnati Zoo & Botanical Garden and as small as an adult literacy program or the neighborhood YMCA will feel the pinch as foundations scale back their giving.
"We're going through the same kind of problems that everybody is going through," said Mike Philipps, president of the Scripps Howard Foundation in Cincinnati. "It means we can't do the same kind of things we've done in years before."
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