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Buffet’s Billions
By Jeremy | August 13, 2006
Remember the cheesy Richard Pryor flick from the 80s, Brewster’s Millions, where Pryor’s character had to spend $1 million in 30 days in order to receive a much larger inheritance?
Beginning in 2009, Bill Gates has the responsibility of giving away billions of dollars of Warren Buffet’s money every year if his foundation is going to receive Buffet’s full $31 billion donation.
Largely lost in the June announcement of Warren E. Buffett’s gift of $31 billion to the foundation were its terms. Mr. Buffet will make the contribution in annual increments. For tax reasons, starting in 2009, the foundation must give away every nickel that he contributed in the previous year.
At the current price of the Berkshire Hathaway stock Mr. Buffett will be donating, the foundation will have to distribute $3 billion annually, or a little more than twice what it distributed last year. …
In the next two years, the foundation plans to double its staff to about 600 people to handle the additional money, said Cheryl Scott, the foundation’s new chief operating officer, and it is building a new headquarters complex in Seattle. “We’re very thankful for the two years he gave us to ramp up,†Ms. Scott said. “I think he understands that you don’t just turn this kind of thing on and off.â€
Topics: bill gates, giving, philanthropy, warren buffet | No Comments »
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