College endowments surge

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

* While tripling its wealth over the past 10 years, the average college or university among 47 with endowments of $1 billion or more has nearly doubled its price, the Associated Press reported May 22. Those schools, up from17 a decade ago with $1 billion endowments, are spending heavily on new construction and aggressively recruiting top faculty.

* A special ruling by the IRS lets donors to Harvard invest in all the hedge funds, real estate and private equity deals selected for the school’s endowment, The New York Times reported May 22.

* Two new studies say the number of millionaires in the U.S. grew to a record-high in 2004, The Wall Street Journal reported May 25.

* As New York City Mayor Michael Bloomberg gears up for re-election this year, his philanthropy, totaling $140 million last year alone to more than 800 institutions and groups, is emerging as a strong weapon as he builds alliances throughout the city, The New York Times reported May 25.

* Affluent evangelicals are aiming their attention and money at Ivy League schools, aiming to shape the hearts and minds of students, The New York Times reported May 22.

* The head of the Corporation for Public Broadcasting has launched an effort to fight what he considers to be liberal bias on public radio and television, which will receive $387 million this year from the agency, the Washington Post reported May 20.

* The United Way affiliate in Atlanta voted to withhold money from the local Boy Scouts in the face of a probe into whether the group inflated black membership totals, the Chicago Tribune reported May 19.

* Competition is growing between old and new money in traditionally wealthy communities throughout the U.S., reflected in such battles as dueling charity balls in Palm Beach, Fla., The Wall Street Journal reported May 20.

* The chief government regulator of the voluntary sector says public-sector inspectors should regulate charities’ services to reduce duplication, PublicFinance reported May 20.

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