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Knight President Addresses Financial State of Foundation

Alberto Ibargüen, president of the Knight Foundation, which underwrites many journalism related projects, addresses the state of the foundation in the video below. In part he says:

Knight Foundation has become a leader in media innovation; meeting the information needs of communities and helping journalism evolve into its best possible future. We are also fortunate to work with many effective organizations for the benefit of Knight communities.

We plan to continue that work in 2009, obviously mindful of the recession that’s affecting all of us. The financial crisis has affected every investor in the market, and of course that includes us at Knight Foundation, since our income is derived from our investments of the funds left to us by Jack and Jim Knight.

So, we’re down, too – and, of course, the natural question from grantees is “what are your intentions?”

First, let me repeat what we’ve discussed with many of you individually: while we have taken our losses, the foundation remains quite strong.

I’m especially pleased to be able to assure you that Knight Foundation will honor all existing pledges and grants. We foresee no liquidity issues for the Foundation….

As good managers – and just as we expect of our grantees in these difficult times -we’ve taken steps to reduce our own expenses, including keeping all salaries flat, not hiring any open positions, and reducing expenses at every opportunity….

…we will also continue to seek grant-making opportunities and to support ideas that might result in positive, transformational change.

The full text of his presentation can be found here. Here is the video:

Knight Foundation President Alberto Ibargüen Addresses Economic Outlook from Knight Foundation on Vimeo.

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