I’m old enough to remember the bear market of the 1970s. I lived through 1987, 2000, 2001 and 2008. But, this last month in the securities markets was unlike any of them. The US and the Globe came through each of those prior upheavals. The difference here is health and safety. The human spirit and the vibrancy of the American economy is immutable and we will come through this. Be careful and stay around long enough to look back at this as something you lived through. The numbers will work themselves out.
The potential spread of Coronavirus could have significant implications for business and economic activity around the globe, according to the U.S. Chamber of Commerce. Chamber officials add that it’s too early to determine the long-term impact on supply chains, manufacturing and American economic activity. Given the importance of consumer spending to the American economy, much will depend on the confidence of the American public. The same may be true for those who rely significantly on charitable giving. The impacts are something that we are still struggling to understands, deal with and overcome. According to the Generosity Commission, led by Matt Nash, there are over 20 million households who have disappeared from the donation world in the past decade. When times are difficult, it is natural that some may elect to postpone or forego helping those less fortunate or who have been impacted by the crisis. Please keep in mind your local and national not-for-profits as you consider how to allocate resources in this unprecedented time. There are so many caregivers who are truly "First Responders" and they need us all. You can social distance but still make a difference.
More than half of fundraising consultants expect that the recent stock-market declines fueled by Coronavirus fears will hurt charitable giving over the next three to six months, according to a new survey in the Chronicle of Philanthropy. This does not include time lost to illness or childcare, or people in need of medical care with limited or no health insurance. And, the recent turmoil triggered by geopolitical concerns around energy (consumption is at record lows) and Russia-Saudi relations will surely add to the stress on the charitable system. The March job reports, measuring the period prior to the most recent Coronavirus impacts, was strong and other measures of the US economy were vibrant. Nonetheless, it is impossible to predict with certainty the on-going impact on financial markets, other than to expect volatility and an array of fiscal and monetary measures to lessen any negative impacts. It is widely expected that reductions in travel and commerce will result in a drag on U.S. and global GDP in future quarters, perhaps into 2021. This further adds to the negative impact for those already at risk financially and medically.
Immediate and pressing medical needs include supplies such as surgical masks, isolation gowns, anti-bacterials and protective equipment. Medical and support organizations are also responding to a staggering surge in Coronavirus cases, coordinating additional staff and specialists to support local medical personnel, specialized medical equipment, and portable clinics required for isolation, screening and treatment and infrastructure support. One way to help is a donation to the CDC Foundation:
P.O. Box 37243
Washington, DC 20013
The CDC Foundation is independent and nonprofit organization and the sole entity created by Congress to mobilize philanthropic and private-sector resources to support the Centers for Disease Control’s health protection work. The CDC’s Emergency Response Fund helps connect philanthropic dollars with fast-emerging needs related to the virus, providing flexible funding that can support state and local health departments, logistics, communication and data management.
Unexpected circumstances sometimes provide an opportunity to build community. However you choose to share your time, talent or treasure with others, let’s live generously together.
John Pileggi is Chief Investment Officer at Uncommon Giving, a new company building a community of donors and caregivers and developing a family of services to help awaken generosity. Its online platform will help people discover new ways to give time, talent and money to the causes they care about, and show the impact gifts are making in the lives of others. For nonprofits, it’s intended to be a powerful way to reach untapped donors and turn their passion into action by connecting with the causes they care about most. https://www.uncommon.today/