Here is more from the New York Times:
The Ford Foundation plans to announce on Thursday that it will borrow $1 billion so that it can substantially increase the amount of money it distributes. To raise the money, the foundation — one of the country’s most well-known and oldest charitable organizations — is preparing to issue a combination of 30- and 50-year bonds, a financial maneuver common among governments and companies but extremely rare among nonprofit groups.
Four other leading charitable foundations will pledge on Thursday that they will join with Ford and increase their giving by at least $725 million.
The decision by the five influential foundations — major sponsors of social justice organizations, museums and the arts and environmental causes — could shatter the charitable world’s deeply entrenched tradition of fiscal restraint during periods of economic hardship. That conservatism has provoked anger that foundations, which benefit from generous federal tax breaks, are hoarding billions of dollars during a national emergency, more interested in safeguarding their endowments than in helping those in need.
The four other foundations are among America’s most storied: the John D. and Catherine T. MacArthur Foundation; the W.K. Kellogg Foundation; the Andrew W. Mellon Foundation; and the Doris Duke Charitable Foundation. The MacArthur and Doris Duke foundations plan to issue bonds. Mellon and Kellogg are still working out their financing plans.
All five of those foundations contribute generously to think tanks. For example, the Doris Duke Charitable Foundation has recently given grants to the Aspen Institute, East-West Center, and World Resources Institute (WRI).
The MacArthur Foundation has given to nearly every major US think tank, including the American Enterprise Institute (AEI), Aspen Institute, Atlantic Council, Bipartisan Policy Center (BPC), Brookings Institution, Carnegie Endowment for International Peace, Cato Institute, Center for American Progress (CAP), Center for Global Development (CGD), Center for National Policy (CNP), Center for Strategic and International Studies (CSIS), Center for Strategic and Budgetary Assessments (CSBA), Center for a New American Security (CNAS), Center on Budget and Policy Priorities (CBPP), Council on Foreign Relations (CFR), Economic Policy Institute (EPI), Hudson Institute, Institute for Policy Studies (IPS), Middle East Institute (MEI), Migration Policy Institute (MPI), New America, R Street Institute, Resources for the Future (RFF), Stimson Center, Truman Center for National Policy, US Institute of Peace (USIP), Urban Institute, Wilson Center, and World Resources Institute (WRI).
Think Tank Watch should also point at that think tanks are starting to consider raiding their endowments at a faster pace.