Foundation Gifts Fell in 1974-75 By $6.6 Million
A $6.6-million drop in foundation gifts accounted for much of the 9-per-cent decline in private donations to the University for 1974-75, figures released yesterday by the Development Office show.
Development Office officials said yesterday that only a $4.9-million increase in individual gifts, mostly from alumni, kept the University above the $52.3-million mark for 1974-75.
The office released figures last week which showed that overall giving for 1974-75 declined by about $4 million from 1973-74 totals.
Because of weak stock market conditions many foundations had to drastically curtail gifts to the University, Chales D. Thompson '48, a development officer, said yesterday.
The Ford Foundation cut back its aid to the University by $1.8 million for 1974-75--by far the largest drop of any regular foundation contributor to the University.
The foundation had previously given about $3 million to the University each year.
Thompson said the Ford Foundation had to cutback all its programs equally as its overall giving dropped by more than $500 million in the last two years.
Despite the drop in foundation giving from the 1973-74 level, Thompson said the 1974-75 totals were not out of line with the five-year average in foundation giving.
The University had what Thompson called "an extraordinary year" in foundation giving in 1973-74 causing the 1974-75 foundation cutbacks to be more glaring.
Several one-time foundation gifts for more than $1 million accounted for the high $17 million figure in 1973-74 foundation gifts.
Corporation gifts to the University dropped more than $1.7 million from last year's total, also contributing to the decline in overall contributions.
William S. Olney '46, director of special projects, said a cutback in a number of large one-time gifts from Japanese corporations explained the drop in total corporation gifts for 1974-75.
The University received $2.5 million in gifts from Japanese industrial firms in 1973-74.
Olney said American corporation gifts to the University showed no decline in 1974-75