Gates Foundation Loses Money, Keeps Giving It Away
We've seen plenty of charities suffering in the recession but even the biggest, the Bill & Melinda Gates Foundation isn't immune. The AP reports that between January 2008 and April 2009 the foundation saw its wealth sink from $39 billion to $27.5 billion. The foundation, which was started in 1994, has given away $20.1 billion in the last decade. It paid $2.8 billion in grants and other charitable expenses last year and estimates that it will spend $3.5 billion in grants and related expenses in 2009.The foundation isn't reducing distributions in 2009 but the growth of the distributions has slowed. The foundation continues to be devoted to global health. It recently made a $10 million grant to the United Nation's World Food Program. Gates Foundation CEO Jeff Raikes, a former Microsoft executive, said the economic crisis has caused Bill Gates to increase his focus on the foundation.