Friday, January 20, 2012

After Bankruptcy, Kodak's Philanthropy At Risk

Kodak, one of America's oldest film companies, recently filed for bankruptcy.  It's unclear what's to come in the company's future, but one thing was made clear: Some difficult choices are in the cards for the company's philanthropic efforts.

Channel 13 WHAM in the Rochester area reported yesterday that because of the bankruptcy, Kodak was likely to scale down their corporate philanthropy.  The company had written on its website that "in the near term … it is likely that we will have to make difficult choices about our philanthropic investments and activities."

Although Kodak's philanthropy has significantly dwindled since 1990, the company and its employees have still funded many groups.  For example, the United Way of Greater Rochester has seen millions of dollars come into the organization from Kodak.  In addition, Kodak founder George Eastman has financed some of Rochester's greatest institutions, such as the Eastman School of Music, the home of Kodak Hall (which the company recently helped renovate with a $10 million donation).

It's still possible for Kodak to continue donating money during the bankruptcy process, but it will more than likely have to scale back on a major scale while they deal with creditors.  You can read more about this story on WHAM's website.

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