PN
01-27-2002, 05:39 PM
Orange County Register, Wed. Jan. 2, 2002
"Not-as-deep pockets"
Charity - The biggest contributors gave less in 2001 than the previous year, down nearly 60 percent.
By Theresa Agovino, the Associated Press
New York
There must be a recession; even Bill Gates is cutting back.
And he's not alone. The super-rich are becoming much more frugal with their charitable giving.
The 10 largest single gifts to charity in 2001 totaled $4.6 billion, down nearly 60 percent from $11.08 billion the previous year.
Gates, the chairman of Microsoft Corp., retained the top stop on the list of large individual gifts compiled by the Chronicle of Philanthropy. But this year the world's richest man gave $2 billion to the Bill & Melinda Gates Foundation after donation $5 billion in 2000.
"This is just not as healthy a year but that isn't surprising given the state of the economy," said Stacy Palmer, the Chronicle's editor.
The decline in the size of donations by the wealthy comes in the same year when average Americans opened their wallets with extraordinary generosity to help the victims of Sept. 11.
"The kind of gifts given by the wealthy are dependent on the economy. It isn't the same as someone giving $10 to $30 for a cause, but the timing is ironic," said Palmer.
The Chronicle compiles its lists from public announcements made through the year.
Gordon Moore, co-founder and chairman emeritus of Intel Corp. and his wife, Betty, are the only other individuals who were also on the top 10 list last year, and their donation also dropped dramatically.
In 2001, their $300 million pledge to the California Institute of Technology for science and education programs was the third-largest on the list. In 2000, their $5 billion pledge to endow the Gordon E. and Betty I. Moore Foundation shared top honors with Gates' gift.
The second-largest gift this year was a $1.11 billion pledge by Jim Stowers and his wife, Virginia, to endow the Stowers Institute for Medical research. Stowers founded the America Century mutual-fund company.
Rounding out the top five were: Bill Coleman, founder of BEA Systems in San Jose and his wife, Claudia, pledged $250 million to create a research institute operated by the University of Colorado system. The couple tied for fourth with Ted Turner, founder of CNN and Turner Broadcasting System whose pledge went to establish a Nuclear Threat Initiative. The fifth-largest donation was an anonymous pledge of $230 million for unrestricted use at the Rensselaer Polytechnic Institute.
"Not-as-deep pockets"
Charity - The biggest contributors gave less in 2001 than the previous year, down nearly 60 percent.
By Theresa Agovino, the Associated Press
New York
There must be a recession; even Bill Gates is cutting back.
And he's not alone. The super-rich are becoming much more frugal with their charitable giving.
The 10 largest single gifts to charity in 2001 totaled $4.6 billion, down nearly 60 percent from $11.08 billion the previous year.
Gates, the chairman of Microsoft Corp., retained the top stop on the list of large individual gifts compiled by the Chronicle of Philanthropy. But this year the world's richest man gave $2 billion to the Bill & Melinda Gates Foundation after donation $5 billion in 2000.
"This is just not as healthy a year but that isn't surprising given the state of the economy," said Stacy Palmer, the Chronicle's editor.
The decline in the size of donations by the wealthy comes in the same year when average Americans opened their wallets with extraordinary generosity to help the victims of Sept. 11.
"The kind of gifts given by the wealthy are dependent on the economy. It isn't the same as someone giving $10 to $30 for a cause, but the timing is ironic," said Palmer.
The Chronicle compiles its lists from public announcements made through the year.
Gordon Moore, co-founder and chairman emeritus of Intel Corp. and his wife, Betty, are the only other individuals who were also on the top 10 list last year, and their donation also dropped dramatically.
In 2001, their $300 million pledge to the California Institute of Technology for science and education programs was the third-largest on the list. In 2000, their $5 billion pledge to endow the Gordon E. and Betty I. Moore Foundation shared top honors with Gates' gift.
The second-largest gift this year was a $1.11 billion pledge by Jim Stowers and his wife, Virginia, to endow the Stowers Institute for Medical research. Stowers founded the America Century mutual-fund company.
Rounding out the top five were: Bill Coleman, founder of BEA Systems in San Jose and his wife, Claudia, pledged $250 million to create a research institute operated by the University of Colorado system. The couple tied for fourth with Ted Turner, founder of CNN and Turner Broadcasting System whose pledge went to establish a Nuclear Threat Initiative. The fifth-largest donation was an anonymous pledge of $230 million for unrestricted use at the Rensselaer Polytechnic Institute.