Bill & Melinda Gates Foundation set conditions so that these contributions do not simply increase the foundation's endowment, but effectively work as a matching contribution, doubling the foundation's annual giving. Bloomberg News noted, "Buffett's gift came with three conditions for the Bill & Melinda Gates Foundation: Bill or Melinda Gates must be alive and active in its administration; it must continue to qualify as a charity; and each year it must give away an amount equal to the previous year's Berkshire gift, plus an additional amount equal to 5 percent of net assets. Buffett gave the foundation two years to abide by the third requirement."
Thomas S. Gates Jr. College of the Atlantic is named in his honor. Gates died in Philadelphia, Pennsylvania, on March 25, 1983. The "Ticonderoga"-class guided missile cruiser USS "Thomas S. Gates" (CG-51) is named after the late Secretary of Defense. It is the only such cruiser named after a person. Thomas S. Gates Jr. Thomas Sovereign Gates Jr. (April 10, 1906March 25, 1983) was United States Secretary of Defense from 1959 to 1961 under President Eisenhower. He was promoted from deputy secretary of defense. During his tenure, he established a task force to set nuclear target priorities. He also authorized U-2 reconnaissance flights, including