PEW FOUNDATION GRANTS HIT FIFTEEN-YEAR LOW

Faced with a decline of more than one billion dollars in its endowment since 1999, the Pew Charitable Trusts—one of the ten largest charitable foundations in the nation and a major supporter of the arts—expects to award less grant money this year than in any year since 1988, Patricia Horn reports in the Philadelphia Inquirer. “Every day I wake up hoping that we hit the bottom, but I don’t think we have,” says Rebecca W. Rimel, Pew’s chief executive officer.