Gates Foundation Adds $20 Billion to Its Coffers

“We’re actively looking right now at whether we can and should be doing more around the food security crisis,” he added.

While the foundation has earned praise over the years for its leading role in global philanthropy, it also has been scrutinized over its influence. It is one of the largest donors at the World Health Organization, for example, and in poorer countries the scale of the foundation’s giving means that, intentionally or otherwise, it can end up setting many of the priorities for crucial ministries such as health and education.

Mr. Gates wrote on his blog that the increased pace of giving was a reaction to the many challenges facing the world right now, including the war in Ukraine, the pandemic, rising inflation and climate change.

In a statement, Ms. French Gates said: “The foundation has spent more than two decades forging relationships with a broad range of partners with the vision and expertise to accelerate the pace of progress for everyone. This additional spending will support our partners’ important work to promote a fair and inclusive recovery and a healthier, more equal future.”

Under federal tax laws, private foundations are annually required to give out roughly 5 percent of their endowment, which for the Gates Foundation would come to around $3.5 billion.

The foundation has undergone significant changes over the past year. Mr. Buffett resigned as one of the three trustees last summer. Mr. Gates and Ms. French Gates announced that they had agreed she would leave the foundation if they found they could not work together. In January, the foundation said it was creating a new governing board that included Mr. Gates, Ms. French Gates, Mr. Suzman and three outsiders.

Article source: https://www.nytimes.com/2022/07/13/business/gates-foundation-giving.html