Knight Foundation Says It Is Cutting Costs, Not Grants, Due to Investment Losses
Submitted by giarts-ts-admin on January 14, 2009
The John S. and James L. Knight Foundation plans to meet its existing philanthropic commitments, but is cutting administrative costs due to investment losses, says Alberto Ibargüen, the fund’s president.
In a video on the foundation’s Web site, Mr. Ibargüen says that like other nonprofit groups, the organization has been financially hurt by the drop in the stock market. Yet he assured grantees and others that its programs are not threatened. Read More.