Packard Foundation Cuts Back

Its endowment shrinking, the Packard Foundation is following other foundations and “is announcing today a more narrowly focused mission and a 2003 grants budget of $200 million. The organization gave out $616 million in grants in 2000 and $250 million last year. ‘There has been significant investment in time and energy to talk with grantees about how to move forward in what is a difficult funding environment for everyone’.”