US - Charity: Arts organizations' endowments are shrinking

Arts groups and other nonprofits are feeling the impact of the global economic decline, both in the financial caution of donors whose personal fortunes have declined and in the sinking value of organizations' endowments. The credit crisis that began with the collapse of the subprime-mortgage market and cost the global banking industry $658.8 billion in writedowns and losses has weighed on economic growth, damping commodity prices and spurring layoffs in the U.S.

Weill, Kovner Give as Art Galas See Strapped Patrons (Update1) (Bloomberg)