Do not make the mistake of thinking that because my conclusion is the same as another person's that my reasoning is the same
Since this is "found money" they really ought to treat it as an endowment, never touching the principle. And if a couple of other stupidly wealthy folks kicked in, this could be the beginning of a truly independant media outlet. Which ought to scare the pants (or flight suit) off of quite a number of people.
By Paul Farhi and Reilly Capps
Washington Post Staff Writers
Thursday, November 6, 2003; Page A01
National Public Radio will announce today the largest donation in its history, a cash bequest from the will of the late philanthropist Joan Kroc of about $200 million.
The bequest from the widow of the founder of the McDonald's fast-food chain both shocked and delighted people at NPR's headquarters in Washington yesterday. It amounts to almost twice NPR's annual operating budget. "No one saw this coming," said one person.
The nonprofit organization, which will disclose details of the bequest at a news conference this afternoon, called the donation the "largest monetary gift ever received by an American cultural institution" in a brief announcement to its staff yesterday.
The gift was such a surprise to NPR officials that they were uncertain what the money would be used for. The organization's board is expected to meet in the next few weeks to decide what to do with the windfall. An NPR spokesperson declined to comment yesterday.
NPR, best known for its daily news programs "Morning Edition" and "All Things Considered," cut back on some of its music and cultural programs earlier this year, and there was speculation yesterday that Kroc's money could be used to restore those offerings. It could also be used to expand NPR's news programs, which are heard by about 22 million people weekly.
Posted by P6 at November 6, 2003 10:03 AM | Trackback URL: http://www.prometheus6.org/mt/mt-tb.cgi/2205