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Gates Learning Foundation Gets a BillionThe newly established Gates Learning Foundation, which incorporates both library and educational initiatives, was handed a charitable gift of $1.11 billion in Microsoft stock January 29 from its founders Bill and Melinda Gates. The donation—when combined with a stock gift of $2.2 billion to the William H. Gates Foundation that funds health and human services-related causes—is the largest charitable gift ever made, according to Fortune magazine's February 5 online report. Sara Englehardt, president of the Foundation Center, told the New York Times the next day that the gift puts the William H. Gates Foundation in the top 10 U.S. foundations in assets, and the Gates Learning Foundation in the top 30. In related news, the foundation announced February 1 that Terrence R. Meersman, a manager with 22 years of experience with such nonprofit organizations as the Save the Children Foundation and the Pew Charitable Trusts, will join the foundation as director of finance and administration. Posted February 15, 1999. |
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