Gates Foundation
The Gates Foundation was established and funded by Bill Gates and his wife Melinda, and receives annual donations by Warren Buffett.[1] It is the largest charitable, grant-giving foundation in the world, with assets in excess of $33 billion and a promise to receive another $60 billion over several decades. The vast majority of the donations from the Gates Foundation goes towards secular, non-faith-based programs. The federal government gives a much higher percentage of discretionary grants to faith-based programs than the Gates Foundation does.
As of January 2007, the Gates Foundation was making grants at a rate of $1.75 billion per year. It announced its plan to increase that to $3.5 billion per year by 2009, and to give all the money away within 50 years of the death of Bill of Melinda Gates, whichever occurs latest.
The Gates Foundation focuses its gifts in the areas of global health, global development, education and technology in public libraries.
The Foundation is controlled by the Gates family, and for about five years until 2006 Melinda Gates exercised considerable control. However, in 2006 the Foundation restructured as follows:[2]
- Patty Stonesifer, CEO
- Dr. Tadataka "Tachi" Yamada as president, Global Health
- Sylvia Mathews, president, Global Development
- Allan Golston, president U.S. Programs.
Co-chairs of the foundation remain Bill Gates, Melinda Gates, and his father, William H. Gates Sr. They retain authority over large grants.
References
- â http://www.gatesfoundation.org
- â Marilyn Chase, "Gates's new role in foundation promises questions," The Wall Street Journal (June 26, 2006).