STRANGE TRUTHS!

Sometimes life is stranger than fiction...as in this excerpt from The Washington Post, dated June 22, 1999. But what we really want to know is have they decided to GIVE US FIVE DOLLARS? We would like to respond with a proposal letter....send us YOUR proposal letters and let's see if we can give Mr. Gibbons some relief!


Va. Foundation Stymied In Bid to Give It All Away
Gains in Stock Market Offset Grants

by Cindy Loose
Washington Post Staff Writer

From an office high above the Rosslyn Metro Station, Miles J. Gibbons Jr. struggles mightily to keep up with his job of giving away money.

Gibbons, who reports to the board of the Whitaker Foundation, was instructed seven years ago to spend all the foundation's assets by 2006. But the instructions came just as the stock market boom took off.

As a result, Gibbons hasn't been able to meet what he calls his "double charge": to give away money well, and fast.

In 1992, the first year after being told to spend down assets of the foundation dedicated to biomedical engineering, Gibbons spent $19 million. Even so, total assets jumped 23 percent to about $228 million.

The next year, Gibbons increased giving by nearly 50 percent. But assets jumped an additional 42 percent. Every year since then, Gibbons has increased giving, funding nearly all research proposals determined to have merit by a peer review committee. Even so, at last accounting, the foundation still had $436.4 million.

"It is," Gibbons said, "what we call our splendid dilemma.".....


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