Times Foundation Suspends Grant and Gift Programs
April 24, 2009 | Read Time: 1 minute
The New York Times Company Foundation has suspended making grants and offering matching donations to employees who support charitable causes, The New York Times reports.
The newspaper foundation awarded roughly $7-million in grants last year to programs that focus on journalism, education, culture, the environment, and public service. The suspension also affects the Boston Globe Foundation, a grant maker subsidized by the Times.
The announcement Thursday came two days after the company reported first-quarter losses of $74.5-million. The downturn and changes in the news-media industry “are causing everyone to rigorously manage costs, and, unfortunately, this is a difficult but necessary step,” said Michael Golden, vice chairman of the Times Company.
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