Carnegie Corporation Responds to Economic Crisis

Apologies for the lack of posts today -- we've been working on our year-in-review issue and lining up stories for the long holiday break.

Here's the statement from Carnegie Corporation president Vartan Gregorian in its entirety. For more foundation responses to the crisis, click here and here.

As we begin a new year with hope and anticipation, we must recognize that the economic crisis we are experiencing has affected every sector of American society and caused turmoil in the world economy. No sector has been immune to the downturn, not you and not Carnegie Corporation of New York.

Given the gravity of the situation, we know that there are no simple answers to the challenges that we all face. What is certain, however, is that we remain committed to our grantees and to carrying out Andrew Carnegie's vision of philanthropy by building on his major concerns: international peace and advancing knowledge and understanding. We have been dedicated to this work for almost a century now and have continued to invest in our grantee partners through times of great social, economic and international change. Continuing to do so remains our paramount goal. We are focused today on making certain that all our grantees working on issues critical to our mission know that they can continue their vital work, aware that Corporation support will be there for them.

Most important of all, we are committed to fulfilling all the grants that have been approved by the Corporation.

Tomorrow is a work/travel day. Back on Wednesday.

-- Mitch Nauffts

Comments

[Scott]

Carnegie Corporation is a great role model for all foundations.

I don't know how they avoided the Madoff Debacle but I suspect that they self direct their investments with an inhouse investment expert. No one takes more interest in your investments then yourself.

Thanks for this fine press release. It is nice to read something that is upbeat.

Matter of fact it is a down right relief!