New York Times Company Foundation closes up shop.

An internal memo just went out at the Times from NYT Co. vice chairman Michael Golden. "It is with sadness that I write to tell you that The New York Times Company Foundation is suspending grant making and the matching gifts program. This includes the grant making of The Boston Globe Foundation."

The memo:

Dear Colleagues,

It is with sadness that I write to tell you that The New York Times Company Foundation is suspending grant making and the matching gifts program. This includes the grant making of The Boston Globe Foundation. As all of you know only too well, 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.

The Foundation will honor existing commitments, including those for multi-year grants but will make no other grants or accept any new applications for funding. This will, over time, affect the free access employees and their families enjoyed to museums. We will update the list of places offering free passes or discounts to Times Company employees, which can be found at:
http://web.nytimes.com/xpedio/groups/system/@perks/documents/dynamicpage/perks_home.hcst.

Under the present matching gifts program, the Foundation has matched, dollar for dollar, contributions to eligible nonprofit institutions by full-time or retired employees and directors. This program will be suspended as of Friday, May 22. Contributions made after May 22 will not be matched by the Foundation.

The Times College Scholarship program will continue in a smaller incarnation. All of the students currently in the program will continue as normal as will the students currently in the Globe Scholars program.

The New York Times Neediest Cases Campaign and The Globe Santa program are unaffected by the changes announced today.

Lastly, the Foundation's grants and matching gifts programs have touched the lives of many people. I would like to extend sincere appreciation on behalf of the company to the dedicated staff who has played such an important role in making the Foundation a success.

Sincerely,

Michael