Everyone is feeling the recession – even the rich – and that’s making it difficult for nonprofits to find honorees for their glitzy gala fundraising events.

• The spring benefit season in New York (usually heavily funded by Wall Street) has been hurt by the struggling financial sector.
• Potential honorees are opting out, not wanting the responsibility of asking friends and family for money in such lean times.
• Some organizations, like Carnegie Hall, have canceled their galas, while others have gone ahead with their events without an honoree.

Facts & Figures

• Groups earn anywhere from a few percentage points of the annual budget to the majority of a year’s expenses.
• Nonprofit endowments are down 25 to 30%.

Best Quote

“This idea of getting on the phone and saying, ‘Wouldn’t you like to be honored at our gala?’ – that’s more difficult, more challenging now than in my 30 years of experience at this.” – Will Maitland Weiss, Executive Director of the Arts and Business Council of New York

Tags: fundraising, nonprofits, recession