University of California endowment reports $1B loss
The University of California endowment took a $1 billion nosedive in the first nine months of 2008, with $700 million of the loss coming in the quarter ended Sept. 30, The San Francisco Chronicle reported Nov. 13 (see endowment story). The endowment, which stood at $6.7 billion at the end of 2007, had fallen to $5.7 billion by the end of third quarter 2008.
Center to train retirees for nonprofit careers
The Center for Nonprofits, which opened its doors on the campus of the University of Wisconsin at Madison, aims to prepare people who have retired from government and corporate careers for nonprofit work, The Wisconsin State Journal reported Nov. 12. The privately-funded center, which will offer undergraduate and doctoral degrees in nonprofit studies, seeks to address Wisconsin’s simultaneous booms in nonprofit organizations and recent retirees.
San Francisco nonprofit execs may see pay limits
San Francisco lawmakers are considering a proposal to limit the salaries of executives at nonprofit organizations receiving city funds, The San Francisco Chronicle reported Nov. 13 (see salary story). The proposal, if implemented, would limit nonprofit executives’ compensation to six times that of their lowest-paid full-time employee. The move would encourage responsible stewardship of city funds while persuading nonprofit executives to pay their workers more, says Supervisor Jake McGoldrick, who introduced the proposal.
Obama’s ethics rules may boost nonprofit lobbying
New ethics rules issued by President-elect Barack Obama’s transition team mean nonprofits “are likely to have a stronger voice,” given that federal lobbyists will be barred from contributing to or raising money for the transition effort, a Georgetown University professor says, CNN reported Nov. 12 (see lobbying story). The new rules also will bar current lobbyists who join the transition team from working in policy fields related to their lobbying work for one year.
* The U.S. Treasury Department froze the bank accounts and other financial assets of Union of Good, an Islamic charity suspected of facilitating money transfers to the militant Palestinian group Hamas, the Associated Press reported Nov. 12.
* Private colleges in Iowa are cutting back projects and shifting investments to weather the economic slump, the Associated Press reported Nov. 12.