Compiled by Donnie Stanley
Here are the latest nonprofit headlines:
*Philanthropy is taking a beating from the slumping stock market, The Wall Street Journal reported July 19.
College endowments on average lost 3.6 percent in the value of their investments in 2001, their first overall loss 1984, according a study by the National Association of College and University Business Officers, the Journal said, while gifts to higher education in the fiscal 2002 are expected to suffer their first loss since 1974, according to the Washington-based Council for Advancement and Support Education.
After raising $254 million in the year ended June 30, 2001, the Journal said, Community Foundation Silicon Valley saw donations plunge to $115 million, while assets in the same period fell to $2.4 billion from $2.65 billion at the Fidelity Charitable Gift Fund.
Paul Schervish, director of the Social Welfare Research Institute at Boston College, told the Journal the slump would not hurt the $6 trillion in bequests that he projects will go to charity over the next 50 years.
“The long-term upside is not threatened by this current slowdown in economic growth and the downturn in equity markets,” he said.
*Some foundations no longer can give large grants to nonprofit groups because of the stock market downturn, and many charities are cutting programs and staff to save costs, The Los Angeles Times reported July 21.
*Well-known philanthropists such as Ted Turner, vice chairman of AOL Time Warner, are cutting contributions to charities because of investment losses from the slumping stock market, The Wall Street Journal reported July 19.
*The Archdiocese of Boston will not accept donations from a special fund, Voice of Compassion, created by Voice of the Faithful, that allows individuals to give money to religious causes without going through the diocese, The New York Times reported July 22.