Michael R. Bloomberg, New York’s mayor and one of the nation’s biggest philanthropists, plans to end his personal giving to a program that has distributed nearly $200-million to nonprofit groups across the city, setting off alarms among longtime recipients, The New York Times reports.
Since the billionaire media tycoon took office in 2001, he has made annual donations in the tens of millions of dollars to the Carnegie Corporation of New York, which has made grants to hundreds of mostly small community and cultural organizations. Though the donations were technically anonymous, they were widely known to have come from the mayor, whose press office alerted reporters when Carnegie released its yearly list of recipients.
Mr. Bloomberg’s giving is increasingly focusing on his family foundation, which has expanded the size of its staff and operations in recent months, according to the Times.
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0 Responses to Bloomberg Shift in Giving Plan Causes Alarm Among N.Y. Charities
shybear309 - March 19, 2010 at 3:27 pm
Another confirmation of how important it is for organizations to have a diversified philanthropic base. When organizations become focused on gifts from a single source–even government–shifts in that source can cause havoc with revenue. A diversified philanthropic revenue base is the key to sustainability.