Many foundations reducing grants, new report says

Nearly two-thirds of foundations responding to a survey are planning to reduce the number or size of grants they award in 2009. More than 1,200 foundations took part in the new research by the Foundation Center, titled Foundations Address the Impact of the Economic Crisis (PDF). Nearly two out of five respondents expect to dip into endowments to fund grants. More than half are engaging in more nongrantmaking activities, and about two-thirds plan to seek more collaborations and partnerships this year.