Some nonprofits may offer protection from the economic ‘tsunami’
Last October, former Federal Reserve Chairman Alan Greenspan called the banking and housing crisis a “once-in-a-century credit tsunami.” Greenspan, who stepped down in 2006, blamed the U.S. economy on a confluence of factors, a perfect storm. And for months now, each day’s headlines have carried news of yet another company in trouble.
But the nonprofit sector seems somewhat insulated from the disaster—at least so far.
When I recently spoke to a handful of communicators around the country, they didn’t seem to be panicking as much as one might expect. They’re not completely untouched by the economy’s effects. But they’re not jumping into lifeboats as quickly as their corporate counterparts.
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Cathy Barry-Ipema, chief communications officer for The Joint Commission in Oakbrook Terrace, Ill., says the economy hasn’t forced her to trim her department’s budget or staff.
“We really haven’t cut back our budget,” she says. “But we don’t have a huge budget anyway.”