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Announcement regarding granting in 2009 March 17, 2009
Details:
Bridgeway Foundation wishes to announce that its Board of Directors has made the difficult but necessary decision to suspend all grantmaking for the 2009 fiscal year. Our hope is that funds committed in previous years will be fulfilled in 2010. Additionally, a variety of measures will be taken to trim annual operational costs.
Considering reliable financial indicators at the time, Bridgeway ended 2008 believing that it was well positioned to weather the economic downturn and continue its grantmaking. In the past months, however, it has become apparent that the extensive global downturn has negatively affected investments at an unprecedented and unexpected level.
The board’s decision to defer both the payout of existing grants and the awarding of new grants was not made lightly or without full awareness of the impact of their decision upon Bridgeway’s charity partners. Full consideration was also given to the distribution requirements for Canadian foundations as set by the Canada Revenue Agency. Regulatory compliance in meeting Bridgeway’s annual disbursement quota in 2009 will be made possible through a history of grantmaking well above the mandated 3.5% level in previous years.
Bridgeway Foundation is saddened by these economic realities and the resulting lack of financial partnership it is able to offer Canadian charities which provide necessary and noble services in Canada and around the world.
For more information, please contact Mark Petersen, Executive Director at 1-877-393-3313.
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