Philadelphia Nonprofit Serving Underprivileged Youth Shuts Down After 35 Years
By Pat Loeb
PHILADELPHIA (CBS) -- A respected Philadelphia nonprofit is going out of business after 35 years.
Public-Private Ventures says it is a victim of the economy.
Over the years, PPV has helped service providers make sure their programs for low-income youth are working -- or figure out how to make them work.
Big Brothers Big Sisters' president Charles Pierson, for example, says PPV provided them invaluable research.
"We're disappointed. Public-Private Ventures is a great organization, and it's just a sign of the times," he told KYW Newsradio today.
Indeed, PPV president Nadya Shmavonian (below right) says the current climate is hard on any program serving the poor.
"Between federal and state cutbacks, challenges in private philanthropy, I think we are going to see a number of nonprofit closures," she said.
Shmavonian says PPV is taking a careful approach to closing down so it can share lessons about going out of business with others who may find themselves similarly strapped.
