Wednesday, May 16, 2007

The End of Philanthropy...

... OK, perhaps not quite that dramatic. But this news falls heavy on the ears of local fundraisers.

Philanthropy Today: Dallas Foundation Closes After Falling Short of Its Giving Goal

Dallas Foundation Closes After Falling Short of Its Giving Goal
The American Airlines Center Foundation, founded eight years ago, planned to distribute at least $2.5-million to groups around Dallas, but quietly closed its doors last year — $400,000 short of its giving goal, reports The Dallas Morning News.

The airline started the charity in concert with Dallas sporting teams when it purchased naming rights to the local athletic arena.

“It looks like they were trying to generate some good PR for themselves, and then they closed it up,” says Sandra Miniutti, vice president of Charity Navigator, a watchdog organization that monitors nonprofit organizations.

But former foundation officials say that after the September 11 attacks, the airline’s finances were so low that its leaders considered bankruptcy. “Given the circumstances, I’m pleased we came as close as we did,” says Tim Smith, an American Airlines spokesman.

Read the Dallas Morning News story here:
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-foundation_14biz.ART0.State.Edition1.369bf9b.html