“There was a sense of desperation and panic from these usually self-assured leaders,” Mr. Walker said. “There’s never been such an existential challenge to the future of the nonprofit sector.”In 2019, the Ford Foundation handed out $520 million in grants. Mr. Walker quickly realized that was not going to be anywhere near enough in this crisis-engulfed year. His solution: Borrow money, spend it quickly and inspire others to follow Ford’s lead. The Ford Foundation plans to announce on Thursday that it will borrow $1 billion so that it can substantially increase the amount of money it distributes.

Source: New York Times June 10, 2020 20:09 UTC