It's based on the non-profit's public 2010 tax return, which the foundation gave to me Friday
An overview
The foundation donates in four broad categories:
- Community grants to non-profit organizations that request money, such as youth groups, and to disaster relief funds in places where GCI does business
- GannettMatch grants, where the foundation matches employee gifts dollar-for-dollar of $50 up to $10,000 per year to eligible non-profits
- Madelyn P. Jennings college scholarships for children of full-time GCI employees. (Overall, the company has more than 30,000 full-time and part-time workers.)
- Executive grants. Current and former
hugely overpaidGannett Management Committee members may earmark up to $15,000 a year to any eligible non-profit in the U.S. or U.K. The non-profit doesn't have be where GCI does business. And unlike under GannettMatch, thesestingyexecutives aren't required to pony up any money of their own.
The bottom line
Last year, the foundation donated $6.9 million vs. nearly $4 million in 2009. Of that, $971,000 was individual community grants, and $1.3 million matched employee contributions.
Last year, the foundation donated $6.9 million vs. nearly $4 million in 2009. Of that, $971,000 was individual community grants, and $1.3 million matched employee contributions.
As in previous years, the foundation made its single biggest award to the Rochester Area Community Foundation in the New York city where GCI was headquartered for decades: $4.5 million, way up from $1.5 million in 2009.
How much did the foundation spend on Jennings scholarships and executive earmarks? Take the quiz, and find out!
The quiz
These questions are all about activity last year, and are based on the IRS Form 990-PF. Choose only one answer per question. (Answers are at the bottom of this post.) You may now begin.
These questions are all about activity last year, and are based on the IRS Form 990-PF. Choose only one answer per question. (Answers are at the bottom of this post.) You may now begin.
1. In total, how much did the foundation spend on Jennings scholarships for children of those thousands of employees?
- A. $133,000
- B. $39,000
- C. $37.1 million
- A. $150,000
- B. $39,000
- C. $255,000
- A. $10,000
- B. $15,000
- C. $10 million (the savings from this year's first-quarter furloughs)
- A. $15,000
- B. $10,000
- C. $400
- A. Tappers With Attitude, a tap-dancing group in Silver Spring, Md.
- B. The Adopt-A-Blue-Ball Rescue League in McLean, Va.
- C. Penn State University in Happy Valley, Pa., now embroiled in a child sex-abuse scandal
- A. $3.8 million
- B. $209,704
- C. $15.2 million
- A. Gracia Martore
- B. Bernie Madoff
- C. Robin Pence
9. How many shares of Gannett stock did the foundation own outright at year's end?
- A. 232,000
- B. 125,000
- C. zero
- A. $7,500
- B. $0
- C. $15,000
Execs' pet charities
This spreadsheet lists all 2010 executive earmarks. And this one lists those in 2009.
This spreadsheet lists all 2010 executive earmarks. And this one lists those in 2009.
- B
- C
- A
- C
- B
- B
- C
- C
- C
- B
Great work, Jim. The culture is much akin to the freedom forum.
ReplyDeleteI'm kidding, of course, about the foundation's responsiveness to my request for a copy of the Form 990.
ReplyDeleteEvery year, Manager Pat Lyle does a great job fulfilling my request in a timely manner. Thank you, Pat!
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ReplyDeleteThis was highly educational. Thanks, Jim.
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ReplyDeleteI want to thank the company for giving so much money to charity. That is an admirable endeavor, and I appreciate the goodwill gesture.
ReplyDelete8:47 Some additional context:
ReplyDeleteThe original Gannett Foundation -- now called Freedom Forum -- spent about $41 million on contributions last year, although virtually all that went to the Newseum.
On top of that, Freedom Forum spent $25 million on overhead: salaries, wages and employee benefits; interest on debt; professional fees, etc.
That's at least $66 million -- nearly 10 times what the current Gannett Foundation spent -- that could have gone to Gannett communities had Freedom Forum stuck to the original mission.
Jim, the facts and context tell a sick story. As the Freedom Forum in retreat, the wagons are circled to keep big paychecks coming until big dogs retire (Overby and Prichard so far). We'll see if Duff tilts the Newseum away from news to broader first amendment issues, so that he can soak big law firms and their ilk to contribute. News companies can't afford to have grown wise to these folks.
ReplyDeleteLarge, for-profit companies almost always have corporate social responsibility guidelines. I would never expect it at Gannett. They treat their employees so poorly, how could you expect them to commit to charitable public outreach. Or even a token of foundation support to benefit the children or elderly parents of employees?
ReplyDeleteThe book value of the foundation's investments in Sandler Investment Partners IV and 21st Century Partners is $11.7 million.
ReplyDeleteWhat was the market value at the end of 2010?
B. $209,704
Nice.
Just shameful. But, after all, it is Gannett and Freedom Forum.
ReplyDeleteThe book value of the foundation's investments in Sandler Investment Partners IV and 21st Century Partners is $11.7 million.
ReplyDeleteWhat was the market value at the end of 2010?
B. $209,704
So why hasn't the Gannett Foundation fired these advisors. My 401k hasn't done very well lately, but it has done a heck of a lot better than this. Also, does either of these companies hold a large investment in Gannett Co. Inc.?
3. CEO Gracia Martore earmarked how much for her alma mater, Wellesley College?
ReplyDeleteA. $10,000
B. $15,000
C. $10 million (the savings from this year's first-quarter furloughs)
4. How much did the foundation match in employee gifts to Wellesley?
A. $15,000
B. $10,000
C. $400
So, does this mean that Gracia has personally contributed $400, at most, to her alma mater from the millions she has earned each year?
Nitpick: There's no such thing as "first annual." It's not annual until it's been done twice.
ReplyDelete4:49 That, or for some strange reason, she didn't seek a match. In any case, this is why I posted that question.
ReplyDelete6:39 I was being ironical. (My first editor taught me the rule you know well.)
ReplyDeleteI really don't think you were being ironical, but nice attempt at a save!
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteDoes that mean employees get coal in the their stockings again?
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDelete