On Monday I had an introductory meeting with the Finance manager for the pneumonia team, Seng. He has a very interesting background, having worked in several dot coms including Amazon and spent over a year working in Rwanda, so we enjoyed swapping experiences of East Africa.
The IRS requires that a private foundation like the Gate Foundation spends at least 5% of its investment value each year on its charitable purpose, which means that we have to spend at least $4 billion per year or face serious tax consequences. What a nice problem to have! Moreover, when Warren Buffet, who has pledged his fortune to the Foundation dies, the Foundation is required to spend his entire bequest on charitable purposes within 15 years. So our job is to ensure that the good works intended by Bill, Melinda and Warren are carried out around the world.
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