Charities Debate Strategy of a Limited Time Span for Gifts

Important note: Information in this article was accurate in 1996. The state of the art may have changed since the publication date.

Charities Debate Strategy of a Limited Time Span for Gifts

New York Times (12/19/96) P. B12
Tollerson, Ernest

Abstract: Many U.S. charities, including New York's Aaron Diamond Foundation, plan from the beginning to reduce their assets each year for a scheduled number of years. This strategy has, in turn, spurred public debate about the most effective use of charitable spending. The Aaron Diamond Foundation will expire at the end of this year, keeping with its plan to spend its more than $200 million within 10 years on projects that include a leading AIDS research center. The foundation, established by real estate developer Aaron Diamond and his wife Irene, was created with "a feeling if we stuck with our priorities and really hit hard with money, we would probably be able to make a difference," Irene said. The Aaron Diamond AIDS Research Center was created with a $25 million investment from the foundation. However, if a more conservative amount had been invested, such as $6.5 million to $7 million annually, the center's leading research would have been delayed while it searched for other sources of support.

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