Foundations: Giving Out & Getting Richer

The Ford Foundation last year handed out money at the rate of $4,600,000 a week, most of it to schools and scholars, for a total of $241,544,000. Income from its investment portfolio, which includes 46,284,000 shares of Ford Motor Co. stock and shares of 126 other corporations, was a glaring $94,601,000 less than outgo. But no matter how much it spends, the Ford Foundation can't get poorer. Cautiously raising the book value of its Ford stock from $30 to $33 per share, still well below the market value, the Foundation reported that its net assets had risen by $113 million...

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