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Nonprofitxpress roundup – Donors pad university pay

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Here are this week’s nonprofit headlines:

*Chief executives at public universities enjoy big salaries comparable to those paid at private schools, thanks to contributions from private donors, The New York Times reported Aug. 23, citing a survey by The Chronicle of Higher Education.

*Commonfund, which manages $30 billion in endowment and tuition funds for small and mid-sized colleges and other nonprofits, has had a tough year after growing rapidly in the late 1990s, The Wall Street Journal reported Aug. 20. The group, which has lost some high-level managers, closed 11 of its funds, laid off 11 percent of its staff, took in $500 million in new net assets in the year ended June 30, down from $4 billion a year earlier.

*A group of foundations and money managers have asked the Securities and Exchange Commission to enforce rules requiring firms to disclose more about environmental liabilities such as asbestos lawsuits, toxic cleanup and government fines for breaking environmental regulations, The Wall Street Journal reported Aug. 22.

*The American Red Cross and the Sept. 11th Fund say they will underwrite the cost of extended mental health treatment for people directly affected by the Sept. 11 attacks, possibly the biggest charitable effort ever to address the emotional needs of disaster victims, The New York Times reported Aug. 21.

*The head of the United Way of America has called for the resignation or ouster of the head of the local United Way in Washington, D.C., and his management team in the face of accusation of financial management, The New York Times reported Aug. 23.

*The Times also reported, on Aug. 22, that Republican U.S. Sen. Charles Grassley of Iowa had asked the head of the United Way of America for a detailed explanation of how the organization oversees the finances and management of its 1,400 local affiliates throughout the U.S.

*And local United Way leaders, fearing their annual fall fund drives could suffer, want the probes into their D.C. affiliate to end soon, the Times reported Aug. 24.

*The nonprofit Fannie Mae Foundation has drawn fire from critics, who say its new ad campaign benefits the Fannie Mae Corp., a publicly traded mortgage buyer by boosting its image, cutting its tax bill and building its business base, The Wall Street Journal reported Aug. 15.

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