The breakup of one of the world’s wealthiest — and most generous — couples is sending shockwaves across the world of philanthropy, with some likening the split to an “earthquake.”Bill and Melinda Gates, who are divorcing after 27 years of marriage, preside over the largest private charitable foundation in the world, one whose giving has been in the spotlight during the pandemic as one of the top funders of vaccine research and distribution.
“Just the fact that this divorce causes so much global anxiety is an indication that it’s problematic that a single foundation would have that much power,” said Megan Tompkins-Stange, a University of Michigan public policy professor and author of a book on how foundations, including the Gates Foundation, influence U.S. education policy.
The Gates Foundation also is not particularly open about its day-to-day operations, Morey said, adding another layer of uneasiness for nonprofits watching from the outside. “No changes to their roles or the organization are planned,” a press representative for the foundation said in a statement. “They will continue to work together to shape and approve foundation strategies, advocate for the foundation’s issues, and set the organization’s overall direction.”Three board members The Gates Foundation’s board of trustees consists of three people: Bill Gates, Melinda Gates and Berkshire Hathaway BRK.A, +0.
$49.8 billion endowment That’s the amount of money the foundation is sitting on, thanks to donations from Bill and Melinda Gates and Buffett. It’s more than some countries’ GDPs, some have pointed out. The Gates Foundation has more than 1,600 employees and deployed $5.1 billion in grants across the globe in 2019. To understand its size, consider that the second-largest foundation in the U.S., the Ford Foundation, has an endowment of $14 billion and made $560 million in grants in 2019.
However, there are cases in which families dissolve a private foundation and create two new ones, or transfer the assets to another charitable entity, such as a donor-advised fund, according to the California law firm Hanson Crawford Crum.
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Yep sad as like a US king and Queen saying and doing great things but lots of money drives many options and makes change of path easier perhaps 🤔
I wonder if Maxwell dropped some dirt on Gate’s unapologetic relationship with Epstein, and Mrs. Gates is heading off the news...
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