MacArthur Foundation to make additional $42M special grants
From Monday, January 13, 2003
The MacArthur Foundation is planning to award some $42 million in special grants including $14 million to NPR, the largest gift it has received, thanks to a reserve fund it set up similar to what a few other foundations such as the Ford Foundation have according to this New York Times story (registration required):
The MacArthur Foundation created a reserve fund in 1999 to help offset declines in its endowment, which has fallen about 13 percent since the stock market began losing steam in early 2000. The $30 million reserve has helped the foundation continue making grants, including some outside its budget, Mr. Fanton said.
...The MacArthur Foundation is best known for its MacArthur Fellows grants, commonly called "genius" grants. But those account for just 7 or 8 percent of its grants, totaling $175 million a year on average, and the foundation would like to move out of their shadow.