Philanthropy News
Penn State Receives $88-Million Gift for Athletics
Officials at Penn State have announced an $88-million gift from an oilman to build a sports arena and develop men's and women's hockey teams that can compete with other large universities.
Entrepreneurs Get Creative to Maintain Giving in Down Economy
Small businesses, still struggling to recover from the economic slowdown, are adopting new strategies to pursue charitable goals as donating cash becomes less viable, according to The New York Times.
Directors of N.Y. Nonprofit Accused of Improper Oversight
A New York City investigation found that most of the directors at a social-services nonprofit that received $75-million in government funds—and that has ties to Vito Lopez, a state assemblyman—had no idea what the organization was doing or how it spent its money, the New York Post writes.
With Gates and Buffett Coming, China Remains Wary About Philanthropy
Warren Buffett and Bill Gates’s forthcoming visit to China has sparked soul-searching and debate among the country’s new "titans of industry" over what social responsibilities come with their burgeoning wealth, The Washington Post writes.
Buffett Associate Says Companies Do More Good Than Charity
Charles Munger, a director of the discount chain Costco and the longtime vice chairman of billionaire philanthropist Warren Buffett’s investment firm, suggested in a talk with college students this week that investment in companies benefits society more than philanthropy, Bloomberg reports.
Company Offers $1-Million to Charity for Penalty-Free Football Game
The Liberty Mutual Insurance company has pledged $1-million to charity if a regular-season college football game is completed this season without penalties, The Boston Globe reports.
Former College Dean Accused of Diverting Charitable Gift
A former top official at St. John’s University in New York was arrested Wednesday and charged with embezzling a big charitable gift and other institution funds worth about $1-million, says The New York Times.
Fla. Sports Philanthropist Pleads Guilty to $880-Million Fraud Scheme
A Fla. businessman pleaded guilty Wednesday to running a multi-state Ponzi scheme, in part to finance the man's charitable giving, the Associated Press reports.
L.A. County Extends Lifeline to Prominent Anti-Gang Charity
The Los Angeles County Board of Supervisors voted Tuesday to award a $1.3-million contract to a nationally recognized but financially foundering charity that provides jobs to draw young people away from gang life, writes the Los Angeles Times.
Columbia U. Endowment Beats Market With 17% Return
Columbia University’s endowment outperformed major stock-market indexes as well as some other elite institutions in the most recent fiscal year, posting a 17.3-percent return on investments, The New York Times says.
In the Arts: N.Y. Board Drops Rules on Museum Art Sales; Warner Bros. Supports Smithsonian Cinema
The New York State Board of Regents agreed Tuesday to abandon restrictions on museums selling art to cover their operating costs, according to The New York Times.
Nonprofit Mass. Hospitals Seek Rules on Sold Catholic Medical Centers
A coalition of community hospitals in Massachusetts wants the state’s attorney general to impose strict conditions on the planned sale of a Catholic hospital chain to a private-equity firm, The Boston Globe writes.
Three Teams Share $10-Million X Prize for Building Fuel-Efficient Car
Three groups with roots in auto racing have won the X Prize Foundation’s $10-million contest to advance the technology for developing super-fuel-efficient vehicles, The New York Times writes.
Loans Keep California Clinics Afloat Amid State Budget Impasse
More than 40 community clinics in California have sought help from a $22-million loan fund to survive a state budget stalemate that is costing the facilities hundreds of thousands of dollars a day, the Los Angeles Times says.
Chinese Philanthropist Says Wealthy Respond to His Giving Appeal
China’s best-known philanthropist says that more than 100 of his wealthy peers have responded to his appeal to donate their fortunes, the Chinese news agency Xinhua reports.
Opinion: Football Star Should Be Ashamed of Charity-Donated Car
The $97,000 Audi that the New England Patriots quarterback Tom Brady received from a nonprofit group serving disabled people raises questions about the role of celebrity spokesmen for charities, writes a Boston Globe columnist.
Gates Foundation and British Newspaper Join Forces to Spotlight Global Development Work
The Guardian newspaper has teamed up with the Bill & Melinda Gates Foundation to start a Web site that will regularly cover long-term global development work, Puget Sound Business Journal reports.
N.Y. Legislator Accused of Misusing Charity Funds Loses Re-Election Bid
A powerful New York State senator accused of diverting millions of dollars from a network of nonprofit health clinics was ousted in Tuesday’s Democratic primary, writes The New York Times.
In the Arts: Liberace Museum to Close Its Doors; Philadelphia Arts Groups to Receive $9-Million
Las Vegas’s Liberace Museum, which for 31 years has showcased the flamboyant pianist’s collection of clothes, cars, and instruments, can't afford to stay open, reports the Las Vegas Review-Journal. Plus: The Knight Foundation will award $9-million to arts groups in the Philadelphia metropolitan area.
Zimbabwe Court Frees Jailed Health Workers on Bail
Six medical workers, including four Americans, were released on bail in Zimbabwe Monday after spending the weekend incarcerated on charges of illegally treating AIDS patients, the Associated Press and Harare newspaper The Zimbabwean report.
