HEWLETT AND CARNEGIE STAY THE COURSE

Vartan Gregorian, president of the Carnegie Corporation of New York and Paul Brest, president of the William and Flora Hewlett Foundation spoke at New York’s 92nd Street Y on January 4th. both foundations expect to stick to their giving plans in 2009—but unless asset prices recover soon, there will be cuts in 2010. They have started to cut expenses, however. At Carnegie, Mr Gregorian and other top executives have taken a pay freeze, construction plans have been delayed and staff fly economy class, even on 18-hour flights to Africa. Neither foundation intends to shift the focus of its giving because of the crisis. Foundations must pursue risky long-term structural solutions; allowing their attention to be diverted by short-term needs would waste that potential. Thus Hewlett will keep funding efforts to fight climate change, for example,which Mr Brest says has a high risk of failure but a huge upside if it succeeds. Read More.