Here’s our weekly roundup of nonprofit news:
* Giving and assets of foundations in California grew faster in the 1990s than those of U.S. foundations overall and funders in most big states, with California grantmakers now trailing only those in New York in their share of overall foundation resources, a new report by The Foundation Center says.
* The board of the Art Institute of Chicago ordered an audit of its finances after learning it faces multimillion-dollar losses because of alleged fraud by a Dallas trading firm, the Chicago Tribune reported Dec. 12.
* Assets of the W.K. Kellogg Foundation grew 18 percent to $5.7 billion last year, fueled by 38 percent growth in the foundation’s holdings in Kellogg Co. stock. The foundation last year made $191 million in charitable expenditures.
* Home Depot founders Bernard Marcus and Arthur M. Blank, two Northeasterners, have become big philanthropists in Atlanta, with Marcus pledging to donate $200 million to build an aquarium and Blank – who is buying the Atlanta Falcons football team for $545 million – pledging $15 million to build a symphony hall and promising his foundation will spend up to $30 million over three years to save urban open space, The New York Times reported Dec. 15.
* The business of writing wills has boomed since Sept. 11, The New York Times reported Dec. 12.