Tuesday, November 25, 2008

Gates Foundation Announces Cutbacks on Grant Making

Following up on the previous post:  Yesterday's Wall Street Journal provided more details regarding the Gates Foundation plans to spend less on grants next year:

The Bill & Melinda Gates Foundation will spend less than it previously planned on grants next year, a sign that even the biggest players in philanthropy aren't immune to the turmoil hitting financial markets.  Officials at the Seattle-based foundation said they will expand the charity's payout of grants in 2009 by 10%, which is less than they originally planned. The officials didn't provide the original growth plan nor give a total amount of grants the foundation expects to make next year. The Gates Foundation's decision was described in a letter on its Web site by Jeff Raikes, its chief executive officer. "The financial crisis is affecting everyone, from our foundation to our partners," he wrote.



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