The Bill and Melinda Gates Foundation
 |
|
| Abbreviation | BMGF |
|---|---|
| Formation | 2000 |
| Founders | |
| Type |
Non-operating private foundation (IRS exemption status): 501(c)(3) |
| Purpose | Healthcare, Education, Ending poverty |
| Headquarters | Seattle, Washington, United States |
|
Area served
|
Worldwide |
| Method | Donations and grants |
|
Key people
|
Bill Gates, co-founder and co-chair Melinda Gates, co-founder and co-chair William H. Gates, Sr., co-chair Susan Desmond-Hellmann, CEO |
| Endowment | US$44.3 billion as of 31 December 2014[update] |
|
Employees
|
1,382 |
| Website | gatesfoundation.org |
|
Formerly called
|
William H. Gates Foundation (1994–1999) |
Bill & Melinda Gates Foundation (BMGF), also known as the Gates Foundation, is a private foundation founded by Bill and Melinda Gates. It was launched in 2000 and is said to be the largest transparently operated private foundation in the world. The primary aims of the foundation are, globally, to enhance healthcare and reduce extreme poverty, and in America, to expand educational opportunities and access to information technology. The foundation, based in Seattle, Washington, is controlled by its three trustees: Bill and Melinda Gates, and Warren Buffett. Other principal officers include Co-Chair William H. Gates, Sr. and Chief Executive Officer Susan Desmond-Hellmann.
It had an endowment of US$44.3 billion as of December 31, 2014[update]. The scale of the foundation and the way it seeks to apply business techniques to giving makes it one of the leaders in venture philanthropy, though the foundation itself notes that the philanthropic role has limitations. In 2007, its founders were ranked as the second most generous philanthropists in America, and Warren Buffett the first. As of May 16, 2013, Bill Gates had donated US$28 billion to the foundation.
In 1997, the foundation was formed as the William H. Gates Foundation. During the foundation's following years, funding grew to US$2 billion. On June 15, 2006, Gates announced his plans to transition out of a day-to-day role with Microsoft, effective July 31, 2008, to allow him to devote more time to working with the foundation.
In 2005, Bill and Melinda Gates, along with the musician Bono, were named by Time as Persons of the Year 2005 for their charitable work. In the case of Bill and Melinda Gates, the work referenced was that of this foundation.
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