George Soros' Open Society Foundations plan to limit their grantmaking until February

abcnews.go.com:

Open Society Foundations said Wednesday that they plan to limit new grantmaking until February, as the nonprofits transition to a new operating model

NEW YORK — Open Society Foundations said Wednesday that they plan to limit new grantmaking until February, as the nonprofits transition to a new operating model run by billionaire investor George Soros’ son, Alex. A spokesperson for the foundations said that the pause will not affect current grantees.

In a letter addressed to “friends and partners,” Open Society Foundations President Mark Malloch-Brown wrote, “Technological, environmental, political, and socioeconomic shifts are challenging open society ideals around the world. This flux demands that we reimagine our philanthropy.”

Part of that reimagining will cut OSF’s global staff of 800 in 20 countries by 40%, which Malloch-Brown called, “painful news for all concerned.” It also means changes to the length of OSF grants.

“This will often mean multiyear commitments enabling our partners to invest in ambitious, long-term action—with clear, measurable goals that would not be met without Open Society’s involvement,” wrote Malloch-Brown, who said OSF would honor existing financial commitments, but may not renew some of them.

Major changes at important foundations are never easy for grantees, said Kathleen Enright, president and CEO of the Council on Foundations.

“When foundations are open and transparent, keep funding flowing as much as possible, and give grantees time to plan, it’s a bit easier,” she said. “Given that it’s not just individual organizations that are affected, but often a whole ecosystem of nonprofits, foundations going through major change ask themselves: How can we be a good partner and maintain the