FCC halts school, library fund

Here are the week’s top nonprofit stories reported elsewhere:

* The FCC suspended its $2.25 billion E-Rate program that paid for phone and Internet service at public schools and libraries, The New York Times reported Oct. 5. Members of Congress scolded the FCC for not informing them of the suspensions, which could keep $1 billion from being distributed by the end of the year.

* A House-Senate committee is expected to approve a plan to ensure that Americans who donate cars or intellectual property take only appropriate tax deductions, Tax Analysts reported Oct. 6.

* The IRS has OK’d a strategy, known as a “Donor Managed Investment Account,” or DMI Account, that lets donors give money to a charity but still manage the assets for up to 10 years after making the gift, The Wall Street Journal reported Oct. 6.

* Bill Gates still tops the Forbes 400 list of wealthiest Americans, but his lead over Warren Buffet has shrunk, partly because Gates has donated over $28 billion, or 34 percent of his wealth, far more than any other on the list, Forbes.com reported Sep. 24.

* Baby Boomers’ fast-paced business life spills into their philanthropy demands, and differs from philanthropists of decades past, Rebecca W. Rimel, president and CEO of Pew Charitable Trusts, says in an opinion column in the San Francisco Chronicle. Modern donors want to see the impact of their giving and witness a nonprofit’s quick progress towards long-term goals, she says.

* Howard University in Washington, D.C., is getting its largest gift ever, a donation of software and other technology items valued at over $70 million, The New York Times reported Oct. 6.

* The Brooklyn Academy of Music more than doubled its endowment to $50 million with two major gifts totaling $30 million, The New York Times reported Oct. 5.

* Roughly 1.5 million employees in the United Kingdom volunteer approximately 68 hours a year each, a total value of 1 billion pounds, or over $1.7 billion, through programs supported by their employers, the Guardian reported Oct. 5.

* Toronto-Dominion Bank is setting up its own foundation, likely the first of its kind in Canada, in which clients can make donations to the foundation, receive tax credits and help direct where the money goes, Globe and Mail reported Oct. 6.

— Compiled by Jennifer Whytock

Leave a Response

Your email address will not be published. All fields are required.