Winter 2010
Last year I had many opportunities to meet with community leaders and nonprofit executives where I developed an even deeper understanding of what local organizations are up against in this economy. At the same time I shared information on how the Foundation has been affected.
As it has with virtually all funders, the economic crisis has reduced the Foundation’s endowment. Our overall contributions budget dropped about 10% in 2009 and it is going to be lower again this year. While the grants budget will be smaller, we are holding the line on our scholarship program, which this year will help over 375 students afford a college education.
Our grantmaking will concentrate on our core areas -- both geographic and programmatic. This means preserving basic needs and services for children, youth and families, primarily in the New Britain area, and also in the Greater Waterbury area.
More than ever, we will direct our funding towards those well-designed programs with measurable outcomes that show positive impact on people and communities. While we often continue to support programs that we have funded in the past, grant renewals are definitely not automatic. Agencies must demonstrate overall financial stability and show the viability of the programs and services they propose. This has always been central to the decision making of our board of directors, but especially so in these difficult times. We need to see clearly what adjustments agencies are making and how they are dealing with this funding environment.
As always, we are open to discuss new ideas and to receive proposals that help agencies restructure and consolidate programs and services. This was a major theme of our workshops and meetings last year.
While the nation’s economic crisis may be easing, the environment for nonprofits includes a major problem dead ahead -- the looming state budget deficit. Also ahead is the positive opportunity to break down old barriers and find new partners who want to succeed together.
The American Savings Foundation was created 15 years ago as a permanent charitable endowment designed to help the community now and for future generations. We are preserving that endowment and that mission. This is our lasting commitment.
David Davison
President & CEO
American Savings Foundation