When its endowment plunged from $76.4 million in October 2007 to
$39.5 million in February 2009 following the collapse of the economy in
September 2008, the board of the North Carolina GlaxoSmithKline
Foundation bucked a philanthropic trend and dug deeper, including a new
effort to address needs in communities that lacked local funders.
"They felt they could not pull away and reduce their support for the
citizens of North Carolina, particularly at a time when that need was at
its all-time greatest,” says Marilyn Foote-Hudson, the Durham-based foundation’s executive director.