This memo from Michael Golden went out to New York Times Co. employees this morning, telling them the company's foundation is suspending its grant-giving, and its gift-matching program. Unfortunate, but probably necessary.
It is with sadness that I write to tell you that The New York Times Company
Foundation is suspending grant making and the matching gifts program. This
includes the grant making of The Boston Globe Foundation. As all of you
know only too well, the economy and the secular changes in our industry are
causing everyone to rigorously manage costs and unfortunately, this is a
difficult but necessary step.
The Foundation will honor existing commitments, including those for
multi-year grants but will make no other grants or accept any new
applications for funding. This will, over time, affect the free access
employees and their families enjoyed to museums. We will update the list of
places offering free passes or discounts to Times Company employees, which
can be found at:
Under the present matching gifts program, the Foundation has matched,
dollar for dollar, contributions to eligible nonprofit institutions by
full-time or retired employees and directors. This program will be
suspended as of Friday, May 22. Contributions made after May 22 will not be
matched by the Foundation.
The Times College Scholarship program will continue in a smaller
incarnation. All of the students currently in the program will continue as
normal as will the students currently in the Globe Scholars program.
The New York Times Neediest Cases Campaign and The Globe Santa program are
unaffected by the changes announced today.
Lastly, the Foundation's grants and matching gifts programs have touched
the lives of many people. I would like to extend sincere appreciation on
behalf of the company to the dedicated staff who has played such an
important role in making the Foundation a success.