July 15, 2008

As Economy Slumps, Donations to Colleges Expected to Slow

By Kathryn Masterson

New York

As the economy continues to be battered by rising energy costs, a credit crunch, and turbulence in the financial industry, a new forecasting tool is predicting that private giving to higher education may soon begin to suffer.

According to the Council for Advancement and Support of Education's Fundraising Index, philanthropic support for colleges and independent schools is estimated to grow 5.3 percent for the academic year that began July 1, down from the 7-percent average

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