The Bill & Melinda Gates Foundation is scaling back planned growth in its grant making next year in response to the economic downturn, Chief Executive Jeff Raikes said Friday [21 Nov 2008].
In an open letter posted on its Web site, Raikes said the Gates Foundation would increase its payout by about 10 percent over 2008, but that growth is less than what it originally planned before the financial crisis. The foundation projects it will make about $2.8 billion in grants in 2008, according to the foundation. [...] The Gates Foundation’s endowment dropped by $800 million between June and October [2008] from [...] $35.1 billion in Oct. 1, down from $35.9 billion in June [2008].
[...] Raikes stressed the importance of staying focused on foundation goals of increasing opportunities in the United States through education and improving health and fighting extreme poverty in developing countries. He also said he asked employees to reduce expenses to keep operating costs low.
See the Gates Foundation page on Water, Sanitation & Hygiene
Source: Kristi Heim, Seattle Times, 22 Nov 2008
