Nonprofitxpress roundup – IRS needs more data, report says

Here are the latest nonprofit headlines:

*A draft report by The U.S. General Accounting Office, requested by U.S. Sen. Charles E. Grassley, finds that the Internal Revenue Service fails to get the financial data from charities that it needs to effectively oversee their activities, The Chronicle of Philanthropy reported April 18.

*Indiana University raised $301 million in private funds in 2001, the largest amount among 960 colleges in the U.S., according to the Council for Aid to Education, the Hoosier reported April 16.  Boosted by a $105 million gift from the Lilly Endowment, the university jumped from seventh place in 2000.

*Organizers of the September 11 Scholarship Alliance, a group collecting funds to help pay for scholarships for families of victims of Sept. 11, have raised more than $90 million from more than 27,000 individual donations, The New York Times reported April 11.

*The California Endowment, created with funds raised by health-care groups that converted to for-profit firms, launched the Los Angeles Access to Health Coverage Initiative, a five-year, $20 million program to help increase access to health coverage and care for low-income persons in the Los Angeles area.

*Empire Blue Cross Blue Shield of New York faces criticism over its use of $1.1 billion in funds raised through its conversion to a for-profit company, The New York Times reported April 18.  Critics say the money is benefiting workers of a health-care union instead of being used – as has been done in other states – to create a foundation that would contribute the money to support health care.

*Wallace-Reader’s Digest Funds, the charitable arm of Reader’s Digest, will sell half of its stock back to the Reader’s Digest Association Inc. for $100 million because of criticism over the company’s structure and voting power, The Associated Press reported April 15. 

–compiled by Donnie Stanley

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