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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Gates Foundation hurt by downturn

Remains world’s richest charity, but plans to slow growth

DONNA GORDON BLANKINSHIP The Associated Press
SEATTLE — The Bill & Melinda Gates Foundation may be the world’s richest charitable foundation, but that hardly shields it from the economic downturn. Between January and April, the foundation saw its assets drop from $39 billion to $27.5 billion. The organization’s new chief executive says his mission includes figuring out a way to keep the money flowing to needy people around the world without spending down the endowment in a hurry. The federal government requires charitable foundations to pay out 5 percent of their assets each year. Because assets are falling, many foundations are cutting their donations to charitable causes in 2009. The Seattle-based Gates Foundation says it will not be cutting its distributions in 2009 but will slow its growth.