Rochester, N.Y. – Kodak’s bankruptcy may impact charitable groups in the Rochester area.
On its website, Kodak says, “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 dwindled since 1990, the company has continued to fund many groups.
Thursday, United Way of Greater Rochester President Peter Carpino said Kodak and its employees have donated millions of dollars to the group over the years.
“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.
George Eastman is credited with financing some of Rochester’s most illustrious institutions, including the Eastman School of Music.
“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.
