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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