Charities hit by financial crisis

The credit crisis is having a serious affect on some of the Netherlands’ richest charities, the Volkskrant reports on Thursday.

The country’s 10 biggest charities such as the Oranjefonds and Prins Bernhard Cultuurfonds had total assets of some €250m at the end of last year, but 44% of that was in shares.
The foundations are keeping quiet about the effect of the credit crisis on their financial position, the paper says.
One which will talk is the Gak foundations, which funds projects connected to social security, including university posts. It has lost €123m so far – almost a quarter of its assets.
Most charities tell the paper the economic downturn will not affect their current spending plans, but they may well have less to spend in the years to come.