October 17, 2002
Belt-Tightening at Two Foundations Puts the Squeeze on Charities
Plummeting stock values not only have left many foundations with less money to give away, but in some cases have prompted them to trim their staffs and narrow their grant making as well.
As a result, many of their longtime grantees are scrambling to find new sources of support.
The precipitous decline in the price of AOL Time Warner shares, for example, has severely curtailed giving by Ted Turner, who had pledged to donate $1-billion over 10 years to finance the United Nations
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