Ted Turner's foundation, hit hard by investment losses, is pulling back on philanthropic donations

Atlanta Journal-Constitution ^ | 09/26/2002 | Maria Saporta

[Pokey78]

It's a sad day at the Turner Foundation.

The foundation's board -- which includes Ted Turner, his five adult children and Jane Fonda -- met over the weekend in Paris, Ky., where they had to face a hard reality. The value of Turner's holdings in AOL Time Warner has gone from nearly $7.5 billion in February 2001 to about $1.6 billion today.

That's bad news for the foundation, which has a relatively small endowment. That has required Turner to give cash each year to fund its mission.

As a result of the paper losses, Turner Foundation President Michael Finley says the foundation will not be entertaining any new funding requests in 2003 -- and 2004 doesn't look much better.

Finley also had to return from the weekend meeting and lay off two-thirds of his staff.

"The sad truth is that the needs for philanthropy have never been greater," said Finley, who has been asked by the board to hang in there until fortunes change. "Everyone is hopeful that the economy will rebound and that the stock will come back."

The foundation, however, will honor its multiyear pledges and its fixed programs, which will total about $14.5 million next year. Also, Turner will continue to fulfill his $1 billion commitment to the U.N. Foundation (though the contributions will extend beyond 10 years) and his $250 million pledge to the Nuclear Threat Initiative (though at a slower payout than the initially projected five years).

It sure is a drastic drop for one of the nation's largest environmentally focused foundations. Last year the Turner Foundation gave away $44 million.

[William McKinley]

That greedy bastard. I suppose, however, he will still be out there advancing leftist causes, hoping that they will take power and take the rest of his wealth away by governmental force.

[SandfleaCSC]

Mr. Turner, Kofi Annan on line 4 again.....and he sounds p*ssed.

[dfwgator]

Maybe he could start by sacrificing one of his FIVE children, what's good for the goose, eh Ted?

[SandfleaCSC]

Plant a bag of weed in Turner's house. The government can steal it fair and square then.

[DoughtyOne]

While I like to see citizens get involved, it sure ilks me when it's the likes of Turner Fonda et al.

[JD86]

in Paris, Kentucky? anyone know why they choose that location? hope he doesn't have any projects planned for KY!

[pikachu]

Maybe he could start by sacrificing one of his FIVE children, what's good for the goose, eh Ted?

Once upon a time Teddy Turner was proposing Zero Population Growth (i.e. have two kids MAX) to save the world. But someone reminded him that he has FIVE kids. Sting, also tried the same ZPG stuff, also has five kids:-)

[upchuck]

Hmmm... Paris, KY is right down the road from here (Louisville). Wonder why they met there?

Memo to Ted Turner: GET OUTTA MY STATE!!

[BlessingInDisguise]

What a surprise.

[Paul Atreides]

That's bad news for the foundation, which has a relatively small endowment.

I hear that Jane divorced Ted, because of his small endowment.

[maximus@Nashville]

Jane misunderstood. They said Ted WAS a giant prick.

[Cicero]

This is excellent news, since almost all Turner's mony has gone toward funding internation population planning, which is to say killing innocent babies around the world.

It couldn't have happened to a better foundation.

If it goes completely bankrupt, it can't be a minute too soon.

[DoughtyOne]

And I heard he was a big pri-k. Now I don't know what to believe.

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It's tough being Green....