Bill & Melinda Gates Foundation supported a broad range of social, health, and education developments including the establishment of the Gates Cambridge Scholarships at Cambridge University. In 1994, the foundation was formed as the William H. Gates Foundation. During the foundation's following years, funding grew to $2 billion. On June 15, 2006, Gates announced his plans to transition out of a day-to-day role with Microsoft, effective July 31, 2008, to allow him to devote more time to working with the foundation. In 2005, Bill and Melinda Gates, along with the musician Bono, were named by "Time" as Persons of the Year 2005 for their outstanding
What Time Is Love? for sampling", and suggested "We might put out a couple of 12-inch records under the name The K.L.F., these will be rap free just pure dance music, so don't expect to see them reviewed in the music papers." The first incarnation of "What Time Is Love?" followed. "What Time Is Love?" became one of The KLF's central tracks, dubbed their "three-note warhorse of a signature tune" by Bill Drummond, in reference to the three-note bassline which, together with a high-pitched refrain on two notes (B bending to F#) characterises the song. The bassline is very similar to the one used