Bill, Melinda Gates donate $5 billion to
foundation
Posted at 11:21 p.m. PDT Wednesday, June 2, 1999
SEATTLE -- Microsoft Chairman Bill Gates and his wife, Melinda, have
poured another $5 billion into one of their charitable foundations, doubling its assets
and moving it into the top tier of philanthropy.
Wednesday's announcement represents ``the largest single gift ever by a living
donor to a charitable foundation,'' said Stacy Palmer, editor in chief of the ``Chronicle
of Philanthropy'' in Washington, D.C.
The gift of stock will boost the assets of the William H. Gates Foundation to
$10 billion. Bill and Melinda Gates also support the Gates Learning Foundation, now with
$1.3 billion in assets.
The Chronicle of Philanthropy says the Gates Foundation will rank just behind
the David and Lucile Packard Foundation (with $12.2 billion in assets as of June 1), the
Lilly Endowment of Indianapolis ($12 billion) and the Ford Foundation ($11.1 billion).
Gates Foundation spokesman Trevor Neilson said Wednesday that he expected the
Gateses to make further major contributions to the foundation, noting that ``they've said
all along they're going to give away the vast majority of their wealth.''
``Forbes'' magazine has estimated Gates' fortune at $58.4 billion.
In the early 1990s, Gates was questioned about whether he was giving enough to
charity.
In 1995, the same year he married Melinda, he set up foundations.
Most of his giving since has been channeled through them to causes involving
global health and education.
The Gates Foundation also reported Wednesday a $50 million grant to the Program
for Appropriate Technology in Health of Seattle to help develop a malaria vaccine.
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