By: Joe Strupp The John S. and James L. Knight Foundation, one of the leading grant providers for journalism, is freezing salaries and leaving open positions vacant to save money, according to Foundation President Alberto Ibarguen.
In an address posted to the organization?s Web site, Ibarguen, former publisher of The Miami Herald, also stressed that, despite tough economic times, the philanthropic group remains economically sound.
?First, let me repeat what we've discussed with many of you individually: while we have taken our losses, the foundation remains quite strong,? he said. ?I'm especially pleased to assure you that Knight Foundation will honor all existing pledges and grants. We foresee no liquidity issues for the Foundation.?
Still, he noted that financial hits are occurring and the organization must react: ?The financial crisis has affected every investor in the market, and of course that includes us at Knight Foundation, since our income is derived from our investments of the funds left to us by Jack and Jim Knight.?
He later added: ?As good managers - and just as we expect of our grantees in these difficult times -we've taken steps to reduce our own expenses, including keeping all salaries flat, not hiring any open positions, and reducing expenses at every opportunity.?
The entire address can be found at:
http://www.knightfoundation.org/news/press_room/
knight_press_releases/detail.dot?id=339422
Comments
No comments on this item Please log in to comment by clicking here