Burgold Posted October 10, 2008 Share Posted October 10, 2008 It is now officially a crash. We have eclipsed that 20% drop. What occurred to me today is the biggest victims are going to be non-profits. With all the losses in the stock markets, write offs and , all the belt tightening the charities are going to see a dramatic drop in support. Whether you're talking about support for our wounded military, special olympics, or the homeless... there's going to be a lot less out there to be given away because people won't need the tax break and people will have a lot less and fear will make them stuff their money under their mattresses. This will be a period where churches and charities are going to really suffer. Link to comment Share on other sites More sharing options...
techboy Posted October 10, 2008 Share Posted October 10, 2008 It is now officially a crash. We have eclipsed that 20% drop. That's the definition of a Bear Market, not a crash. But yes, charities are going to suffer. Link to comment Share on other sites More sharing options...
Koolblue13 Posted October 10, 2008 Share Posted October 10, 2008 Think they are hurting? Try working in the restaurant business. Link to comment Share on other sites More sharing options...
Zguy28 Posted October 10, 2008 Share Posted October 10, 2008 Think they are hurting? Try working in the restaurant business.I've been wondering for a while now, but I wonder what the percentage of restaurant checks are paid on credit card versus debit/cash? Link to comment Share on other sites More sharing options...
Koolblue13 Posted October 10, 2008 Share Posted October 10, 2008 I've been wondering for a while now, but I wonder what the percentage of restaurant checks are paid on credit card versus debit/cash? I work high end and it's almost completely credit card. I just moved to a slightly lower end from where I was and a smaller place too so I could get back to working for the sweet, sweet cash. Restaurants across the board are down about 40%. Link to comment Share on other sites More sharing options...
gbear Posted October 10, 2008 Share Posted October 10, 2008 I have to say my family hasn't waited to be seated in the last couple of months. One of our favorite restaurants in Columbia closed a few months ago :-(. Link to comment Share on other sites More sharing options...
Redskins Diehard Posted October 10, 2008 Share Posted October 10, 2008 Definitely. And not just because of the stock market "crash" but because of the general economic panic. Link to comment Share on other sites More sharing options...
gbear Posted October 10, 2008 Share Posted October 10, 2008 I guess the sad part of this is with a bad economy is when the need for the charities services will be greatest. It's rather sad that the need for them seems so inversely related to their ability to help. Link to comment Share on other sites More sharing options...
McMetal Posted October 10, 2008 Share Posted October 10, 2008 I think some of these charitable institutions need to start taking a hard look at their internal finances and the salaries of their top administrators. Those guys at the top are making a bundle. I still won't give to United Way after that Aramony scandal. Link to comment Share on other sites More sharing options...
Smoot Point Really Posted October 10, 2008 Share Posted October 10, 2008 Let's not overreact. Nothing has been impacted (not a word, but Alexander Haig liked to use it) too severely just yet. Let's see if this lasts a few months at least. Link to comment Share on other sites More sharing options...
Burgold Posted October 10, 2008 Author Share Posted October 10, 2008 I think some of these charitable institutions need to start taking a hard look at their internal finances and the salaries of their top administrators. Those guys at the top are making a bundle. I still won't give to United Way after that Aramony scandal. I think they are and will, but it's going to get rough out there and as Gbear says it will happen when there will be a lot more people who could use a helping hand. Link to comment Share on other sites More sharing options...
Peeping Wizard Posted October 10, 2008 Share Posted October 10, 2008 I think some of these charitable institutions need to start taking a hard look at their internal finances and the salaries of their top administrators. Those guys at the top are making a bundle. I still won't give to United Way after that Aramony scandal. Agreed. Rougly 90% of your "donation" goes to "overheard" in the case of many charaties. Link to comment Share on other sites More sharing options...
Special K Posted October 10, 2008 Share Posted October 10, 2008 I work in the Philanthrophy/Advancement office at my university and we've already started seeing a decline in contributions. I just opened a letter this morning with a check and a note attached that read "Due to the economic situation, I will be unable to make my end of the year contribution and this will be my last check." My boss just looked at me and sighed. It really stinks right now because the university is right in the middle of construction of a new medical school complex, so I have a feeling things are going to get really tense around the office. Good thing I'm don't work full-time here... Link to comment Share on other sites More sharing options...
Peeping Wizard Posted October 10, 2008 Share Posted October 10, 2008 It really stinks right now because the university is right in the middle of construction of a new medical school complex, so I have a feeling things are going to get really tense around the office. Good thing I'm don't work full-time here... Aren't they making enough by gouging students on their tution bills? Link to comment Share on other sites More sharing options...
Special K Posted October 10, 2008 Share Posted October 10, 2008 Aren't they making enough by gouging students on their tution bills? You're kidding, right? Link to comment Share on other sites More sharing options...
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