The New York Times Company (NYSE: NYT) is peering into every corner for cuts these days. The latest: The company's foundation is suspending grant making and the matching gifts program, while the Boston Globe Foundation is halting grants. According to a letter from NYTCo Vice Chairman Michael Golden posted by Nieman Labs, the Foundation will honor existing commitments and multiple-year grants "but will make no other grants or accept any new applications for funding." The matching-gifts program ends May 22. The New York Times Company Foundation distributed $6.5 million in FY2007, according to Nieman, which received a small matching gift. (Effective Jan. 1, 2008, the match was $1 for each $1 contributed, up to a limit of $3,000 in gifts each year per person.")
Golden's explanation: "As all of you know only too well, the economy and the secular changes in our industry are causing everyone to rigorously manage costs and unfortunately, this is a difficult but necessary step."
The Times Scholarship program will continue as normal for students already in the program but will be smaller from here out.
By Staci D. Kramer