Turner Foundation cutting back donations

ATLANTA - The Turner Foundation, managed by Ted Turner, his five children and former wife Jane Fonda, will not accept any new funding requests in 2003 because of the falling stock price of AOL Time Warner. <br> <br> The value of Turner&#39;s holdings in AOL Time Warner has gone from nearly $7.5 billion in February 2001 to about $1.6 billion, according to a story in Thursday&#39;s edition of The Atlanta Journal-Constitution. <br> <br> The foundation, which has a relatively small endowment, required Turner to give cash each year to fund its mission. <br> <br> As a result of the losses, Turner Foundation President Michael Finley said the foundation will not take new funding requests for next year. He added that 2004 doesn&#39;t look much better. <br> <br> Finley also said he had to dismiss two-thirds of his staff. <br> <br> ``The sad truth is that the needs for philanthropy have never been greater,&#39;&#39; Finley said. ``Everyone is hopeful that the economy will rebound and that the stock will come back.&#39;&#39; <br> <br> The environmentally focused foundation will honor its multiyear pledges and its fixed programs, which will total about $14.5 million next year. Last year the Turner Foundation gave away $44 million. <br> <br> In addition, Turner will continue to fulfill his $1 billion commitment to the U.N. Foundation and his $250 million pledge to the Nuclear Threat Initiative.

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