As the pandemic’s misery continued last fall, foundation leaders like Robert Ross of the California Endowment discovered a way to pump hundreds of millions of dollars to nonprofits working to minimize the damage: The bond market.
With its $300 million bond offering in January, the California Endowment became the latest private foundation to issue debt to cover a surge in grant making.
The endowment is one of nine grant makers that have issued a total of $3 billion in debt since June to cover increases in their grant making.
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