As many of us are all too painfully aware, these are challenging economic times for organizations, communities and families. The Island Institute is no exception. As the deepening global recession has placed an increasing strain on our island and other coastal community constituents, we have been concerned about our ability to keep up with the growing requests for assistance.
The Institute’s programs are funded by income from endowment and annual donations from individuals and foundations. Like most non-profit organizations blessed with an endowment and generous donor base to support its mission, our endowment has declined in value as the investment markets have deteriorated, and many of our donors have had to reduce their overall philanthropy as their personal economic circumstances have been adversely affected by the impact of the widespread recession.
Facing these realities as we approached 2009, the Institute budgeted accordingly. We reduced both expenses and our expectations for income, with contingency plans to reduce even more if conditions worsened.
However, I am pleased to report that to date we have required fewer cutbacks than originally anticipated. Most of the individuals and foundations who support us have continued to fund our work generously even in this economic downturn. They believe that the work we are doing, much of it in collaboration with partner organizations, is making a difference and that it is crucial to sustaining the quality of life along the Maine coast. They recognize the importance of keeping the Maine coast affordable for and accessible to working families, of reducing the astronomical cost of energy for island residents, of sustaining the ground and shell fishing industries, and of continuing to improve educational opportunities for coastal Maine families. In other words, they want to continue to support our mission: The Island Institute partners with Maine’s year-round islands and coastal communities to ensure that they remain vibrant places to live and work.
The Island Institute Board of Trustees is inspired by the work the Institute is doing, too, and deeply impressed with the dedication and tireless efforts of Philip Conkling and his outstanding staff that make it all possible.
Yes, the signs are encouraging, but, with most reports indicating that this economic downturn will be with us for a while, we must remain vigilant and flexible. Knowing the people who make up the board and staff of the Island Institute, I am confident we will do so. In the meantime, all board and staff members remain deeply grateful for the steadfast support displayed by so many members and friends at this important time. Thank you.