IndustryNo More Google Foundation Funding For “Foreseeable Future,” Says Google

No More Google Foundation Funding For "Foreseeable Future," Says Google

Google Foundation no more?
from Garett Rogers at ZDNet notes that as part of its earnings announcement,
Google has said
that it doesn’t plan to make further donations to the
Google Foundation for the "foreseeable
future." The foundation just received an initial funding donation of $90 million
back in
October. Google

announced
the Google Foundation as part of its IPO process and pledged to
donate 1 percent of Google equity and profits:

We intend to contribute significant resources to the foundation, including
employee time and approximately 1% of Google?s equity and profits in some form.
We hope someday this institution may eclipse Google itself in terms of overall
world impact by ambitiously applying innovation and significant resources to the
largest of the world?s problems.

Postscript: Steve Langdon over at Google sent me this to help clarify
the statement:

The quote…is from the Founder’s Letter submitted as part of our IPO
filings. In the first annual report that followed, we explained that we are
going to expand our philanthropic efforts beyond a foundation and use the one
percent equity and profit commitment to fund not just the foundation but
additional work we put under the umbrella name of Google.org. We have since
described
in more detail what we plan to do with Google.org and announced as part of that
our $90 million commitment to the Google Foundation. We expect the $90 million
contribution to the Google Foundation to fund the foundation’s work for many
years and don’t have current plans to contribute more to the foundation.
However, we will continue to make philanthropic commitments that are not from
the Google Foundation, as described in the blog post. Hope this helps clear up
any confusion.

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