Letter from Richard Goldman
from the most recent Fund Annual Report
This past year of economic turmoil has certainly posed challenges to the philanthropic community. Decisions on when and how much to give based on changing endowments have not been easy. However, in these times of global economic uncertainty, private philanthropy is more important now than ever. As the demand for social services rises and problems such as climate change continue to pose a threat, private foundations will continue to play a vital role.
In the past year, we have seen our assets drop in-step with the market and other foundations. Though obviously a concern, this new reality provides us with the opportunity to re-evaluate our priorities, streamline our processes and better serve our grantees. That said, we have laid out our grant making plans that consider both our financial concerns and our desire to continue timely, relevant contributions to causes we believe in.
In 2009, we have committed to again paying out well in excess of the five percent payout minimum required by law. However, because the total dollar amount of our endowment has decreased, our overall giving will also decrease from previous boom-time years. The Goldman Fund has weathered many economic fluctuations in our nearly 60-year history. We have had the clarity of vision and adaptability to maintain philanthropy in the face of these challenges. Today, while we hope for a quick economic turnaround, we feel privileged to be able to continue our work in spite of whatever challenges we face.
Richard N. Goldman
