Covid-19 and the future of charitable foundations—renewal in crisis?

Abstract

Abstract The effects of Covid-19 are tangible around the globe with emerging and third world countries being particularly affected by the economic and social consequences of the pandemic. The author explains the impact of Covid-19 on the work of foundations and the role of the latter in addressing global challenges. Foundations that are set up in perpetuity are often deemed slow and dilatory when it comes to taking decisions. Covid-19, however, demands fast, not to say unbureaucratic action. This is often contrary to the character of foundations and the way in which many of them pursue their programmatic goals. Foundations, therefore, risk falling short of their social mission and even missing the opportunity to offer society pioneering solutions. Yet, the current crisis has also underlined the importance of strategic partnerships between foundations and other players and of involving local people in bringing about social change. This being said, by their very nature, foundations are eminently predisposed to provide sustainable relief in crises such as Covid-19 and to mitigate long-term societal impact.