Tough Economy Forces Florida Atlantic Donor to Scale Back Donation

The original $16 million pledge has been cut to just $5 million because of the economy.

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What was almost the largest donation in Florida Atlantic University's history is now another casualty of tough economic times, the New York Times reports. Barry Kaye, an insurance magnate, pledged $16 million to the university, but he said Tuesday he could no longer offer so much. Instead, Kaye will offer the university another $1 million on top of the $4 million he has already donated. This decision makes Kaye the third-largest donor in the university's history. Officials from the Boca Raton university said Kaye's decision would not affect the operations of any existing programs.

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