University endowments plummet
The toll of the economic crisis on U.S. university endowments is becoming more apparent as yearly fiscal results roll in, U.S. News & World Report reported Oct. 27 (see endowment story). The University of Wisconsin’s endowment lost at least $300 million, or 20 percent of its value, since the stock-market meltdown. At the same time, it has seen a 12 percent drop in donations since last year.
Carnegie Mellon campaign reaches halfway mark
Carnegie Mellon University’s $1 billion capital campaign has surpassed the halfway mark, the Associated Press reported Oct. 27. Since the beginning of the silent phase in 2003, the campaign has raised a record $550 million to fund 132 scholarships, 38 fellowships and 17 endowed chairs for faculty.
Boston Foundation awards $500,000 in grants
In response to the economic crisis, the Boston Foundation has given $500,000 in grants to regional organizations providing immediate aid, The Boston Globe reported Oct. 28. Grant recipients include the Red Cross of Massachusetts Bay, the Greater Boston Food Bank and United Way of Massachusetts Bay and the Merrimack Valley. One of the largest community foundations in the U.S., the Boston Foundation gave more than $92 million in grants to nonprofits in 2007.
* A growing number of trust-fund babies are forgoing lives of leisure to devote their inheritances to charity, The Times Online reported Oct. 28.
* Operas and symphonies, which rely heavily on donations, are cutting staff, rehearsals and performances due to the economic downturn, The New York Times reported Oct. 27.
* Google, Yahoo and Microsoft have agreed upon a set of principles, drafted by human-rights groups, for doing business in countries that restrict free speech, The Wall Street Journal reported Oct. 28.