New York Times Co. Foundation suspends new grants, shrinks college scholarship program

New York Times Co. Foundation suspends new grants

NEW YORK — The New York Times Company Foundation will suspend new grant awards and matching gifts because of the financial strains brought on by the recession.

“The economy and the secular changes in our industry are causing everyone to rigorously manage costs and unfortunately, this is a difficult but necessary step,” Michael Golden, Times Co. vice chairman and a foundation board member, said in a memo Thursday to Times employees.

The suspension also applies to its Boston Globe Foundation subsidiary.

Golden said the foundation will honor existing grants but will no longer accept applications as of Friday.

The foundation is funded by contributions from the Times Co., which said earlier this week that it lost $74.5 million in the first quarter because of falling ad revenue.

Until now, the foundation has matched contributions by current and retired full-time employees and by the company’s directors to eligible nonprofit groups.

The company plans to continue its college scholarship program but in “a smaller incarnation,” Golden said. Students already enrolled will not be affected.