The Daniels Fund will cut allocations 18 percent next year because of losses in its assets and investments.
Grants and donations will be $31.8 million in 2009, down from $38.6 million this year, the Denver-based fund said.
“The impact of the economic downturn is significant and widespread,” said Linda Childears, president and chief executive of the Denver-based fund. “Like everyone else, it cannot be business as usual for the Daniels Fund.”
The group has laid off four workers from its 47-member staff and will not fill some vacant positions.
The Daniels Fund began 2008 with $1.3 billion in assets but will probably end the year under $1 billion, its lowest level since 2003.
The fund’s 2009 allocations will emphasize nonprofit organizations that provide emergency services to needy people in Colorado, New Mexico, Utah and Wyoming.
The fund will maintain its 250 college scholarships to deserving students in financial need.
The fund was established by cable-television pioneer Bill Daniels.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
