Kodak To Make Ã¢ÂÂDifficult Choices On Philanthropy
Updated: Wednesday, July 10 2013, 08:37 PM CDT
Rochester, N.Y. – Kodak’s bankruptcy may impact charitable groups in the Rochester area.
“The news of Eastman Kodak’s filing for bankruptcy brings a depth of sadness for this community,” Carpino said.
Charitable contributions have bolstered Kodak’s reputation nearly has much as its film.
“When George Eastman’s gifts are taken in the aggregate, he left to the University of Rochester about $51 million and when you think about that in today’s dollars, he is perhaps the greatest individual philanthropist in American higher education,” Paul Burgett, a vice president at the University of Rochester.
Just before the latest recession Kodak provided $10 million to renovate Kodak Hall in Eastman Theatre.
Technically, a company can still donate after filing for bankruptcy, but it’s clear Kodak will review its contribution level while under the watchful eye of creditors.