Post by kelvin on Dec 13, 2008 13:26:24 GMT -5
cnews.canoe.ca/CNEWS/Canada/2008/12/09/7681551-sun.html
People worried about jobs can't or won't donate
By SHARON LEM, SUN MEDIA
TORONTO -- Toronto charities are feeling the pinch of the economic downturn as they try to raise funds for Christmas drives.
The global economic slowdown has affected the spirit of giving this Christmas and charities are usually the first to get hit when people are squeezed financially.
"The concern is people will continue to lose their jobs and people will be less willing or able to make donations. At the same time, there's a greater demand on charities with economic stress," Doug Porter, chief economist for BMO Capital Markets, said.
"Some of the biggest contributors also have a lot of wealth tied up in the stock market and they may be feeling less wealthy and will be less able to make donations."
"Almost every major indicator for November showed our economy took a big step backwards," Porter said.
Toronto's stock market is down 40% from its peak in June.
"We're struggling to fundraise. It's a little bit slow this year because of the economy, so we're not getting the numbers we usually get at this time of year," said Lynda Elmy of Variety Village.
More than 3,000 children and their families use Variety Village each week and $250,000 must be collected by the new year for staff, programs and special needs memberships.
Avril Henry, of Scott Mission, said donations are down 20% from this time last year.
"Our goal is $800,000 for our Christmas campaign and we are still in need of about $600,000. We rely on these donations going to toys for over 2,400 children and grocery vouchers for close to 3,000 families, so it's a critical time at Christmas," she said.
"Over the course of the year, we're down about 15%. We're hoping donations and fund-raising will pick up before Christmas," said Gail Nyberg, executive director for Toronto's Daily Bread Food Bank.
The goal is to raise $500,000 and 500,000 pounds of food by Christmas. So far, the food bank has less than $100,000 and less than 100,000 pounds of food.
People worried about jobs can't or won't donate
By SHARON LEM, SUN MEDIA
TORONTO -- Toronto charities are feeling the pinch of the economic downturn as they try to raise funds for Christmas drives.
The global economic slowdown has affected the spirit of giving this Christmas and charities are usually the first to get hit when people are squeezed financially.
"The concern is people will continue to lose their jobs and people will be less willing or able to make donations. At the same time, there's a greater demand on charities with economic stress," Doug Porter, chief economist for BMO Capital Markets, said.
"Some of the biggest contributors also have a lot of wealth tied up in the stock market and they may be feeling less wealthy and will be less able to make donations."
"Almost every major indicator for November showed our economy took a big step backwards," Porter said.
Toronto's stock market is down 40% from its peak in June.
"We're struggling to fundraise. It's a little bit slow this year because of the economy, so we're not getting the numbers we usually get at this time of year," said Lynda Elmy of Variety Village.
More than 3,000 children and their families use Variety Village each week and $250,000 must be collected by the new year for staff, programs and special needs memberships.
Avril Henry, of Scott Mission, said donations are down 20% from this time last year.
"Our goal is $800,000 for our Christmas campaign and we are still in need of about $600,000. We rely on these donations going to toys for over 2,400 children and grocery vouchers for close to 3,000 families, so it's a critical time at Christmas," she said.
"Over the course of the year, we're down about 15%. We're hoping donations and fund-raising will pick up before Christmas," said Gail Nyberg, executive director for Toronto's Daily Bread Food Bank.
The goal is to raise $500,000 and 500,000 pounds of food by Christmas. So far, the food bank has less than $100,000 and less than 100,000 pounds of food.