Posted on October 31, 2008

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Hewlett Foundation to Honor Previous Commitments but Cut Grantmaking in 2009

The William and Flora Hewlett Foundation has announced that, despite the recent turmoil in the markets, it will honor grant commitments made in 2008 and previous years, though the dollar amount of its overall grantmaking is likely to be down.

In a statement on its Web site, the foundation said that it plans to increase the percentage of its endowment that will be paid out in grants in 2009 to help compensate for a recent sharp decline in its assets. Despite the increased payout rate, the foundation anticipates that its overall grantmaking in 2009 will likely decline by 5 percent to 7 percent. In addition, the foundation said that it will probably not embark on some new initiatives that it otherwise might have considered.

The foundation also reaffirmed its commitment to setting long-term goals and objectively measuring progress toward those goals — tasks that are always critical, but even more so in times of economic hardship. "This economic crisis eventually will recede, but the long-term problems many of us seek to address will remain," the statement said. "For more than forty years, the Hewlett Foundation and its many dedicated and hardworking grantees have been working to fulfill the goals of Bill and Flora Hewlett and their family for a better world. This work will continue, undeterred, through the current economic hardships and long into the future."

“A Note on the Economy.” William and Flora Hewlett Foundation Press Release 10/29/08.

Primary Subject: Philanthropy and Voluntarism
Secondary Subject(s): Economic Crisis
Location(s): National

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