(1) Hi all foundation CEOs and board members: So when the pandemic hit big-time in March and the equity markets tanked, some foundations said they'd have to keep grantmaking flat or even cut it so as not to "lock in losses."

(2) Today, the S&P 500 is up YTD by nearly 15%. Meantime, nonprofits are reeling from twin realities of (often massively) increased demand ... and, for many, decreased revenues, especially fee-for service, gala-related, and everyday gifts.

(3) And we're in the midst of the worst days of suffering in terms of the pandemic. As we all know, Black, Latino, and Native people have suffered and are suffering disproportionately (on both health and economic fronts).

(4) Those with disabilities and low-income folks are also suffering massively. When we surveyed nonprofits in the late spring we saw those serving historically disadvantaged groups were facing the greatest challenges. http://cep.org/wp-content/uploads/2020/06/CEP_Covid-Report_06072020_FINAL.pdf

(5) I am happy to see that many foundations have stepped up somewhat from budgeted giving levels -- as we document here. http://cep.org/wp-content/uploads/2020/11/CEP_Foundations-Respond-to-Crisis_A-Moment-of-Transformation_2020-1.pdf And also, here is my plea.

(6) If you're a foundation CEO or board member and it looks like your endowment will be larger on 12/31 than it was on 1/1 (which it may be even if you upped grantmaking a bit from budget) act now.

(7) Don't let the building of assets at a time of unprecedented suffering and a widening of inequality be your legacy, as my colleague @kmbolduc pleaded here, writing "this is not a moment to accumulate!" https://twitter.com/kmbolduc/status/1331315243860058115

(8) Identify those nonprofits in your grantee population that are serving the hardest hit communities and make special, additional unrestricted general support grants to them before year-end. I know, your grants managers will have to hustle to get this done -- so give them ...

(9) an extra week off at the beginning of the year. You will probably have to convene your board for a special meeting -- call it for 7 p.m. Monday or Tuesday of next week. No one has evening plans anyway.

(10) You will be giving everyone, board and staff, at your foundation a gift by pushing for this. What do I mean? I mean the gift of knowing that they played a role in stepping up in this moment. They can justifiably feel good about it.

(11) I am happy to help you assemble materials you need to make the case in the next 48 hours. I promise you won't regret it. And remember: the responsibility of foundations that are "perpetual" is at most to maintain something around the value of the endowment @ inception ...

(12) not to maintain whatever the peak purchasing power was at a market high point. It's about the mission, the mission, the mission. This moment calls on us all to do as much as we can.

(13) And it's not too late. People are suffering. None of us will look back at this time and wish we did less.