President's Letter: The New Reality is One-Year Old

Foraker president Dennis McMillian recently wrote about the "new reality" faced by us all - including Alaska nonprofits. He also highlighted several of his past letters over the last year, summarizing points made back then in context of where we are today.

"We are slowly climbing out of a very deep recession, but the end is still not in sight. As we expected, Alaska’s economic downturn started behind the rest of the country," says McMillian in his monthly President's Letter. "We did not begin to feel the recession’s impact until summer when we saw fewer tourists. The oil industry has been slow to make new investments in the state and the gas pipeline has again become a distant vision. In our sector, dedicated nonprofit staff and volunteers are coming to Foraker – reaching out to see what relief we can provide to help them weather the storm. However, unfortunately some are losing hope and may close their doors."

You can read the rest of Dennis' letter here.

Let us know your “new reality” – what have you been doing to cope with the economy one year after the downturn?