The foundation, which is advised by two professional money management firms, taps its endowment annually to pay for grants it gives to non-profit groups across the country. It is Gannett's principal source of charity.
Losers
The foundation took especially big hits in 2009 on the sale of shares of banking and other companies, including:
- Morningstar: a $90,027 loss
- Emerson Electric: $74,490
- Polo Ralph Lauren: $61,784
- Bank of America: $54,142
- Zions Bancorp: $53,425
- Wells Fargo: $43,359
- IBM: $36,420
However, those losses were partially offset by gains in the sale of other shares, mostly of technology companies, including:
- Oracle: a $34,992 gain
- Research in Motion: $29,198
- Motorola: $20,579
- Apple: $16,034
- Intel: $14,294
Earlier: Rochester hit hard by funding decrease; foundation gave $255,000 to executives' favorite charities
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