U.S. donors keep giving despite economy
U.S. charities grappling with greater needs and dwindling resources have seen a surprising outpouring of donor support leading up to the holiday season, the Associated Press reported Nov. 21. The Dallas-based American Heart Association reported higher donations this year, and Northwest Harvest food bank in Seattle received weekly calls from companies announcing their plans to forego their annual holiday parties to give to charity. This is in keeping with data from the Center on Philanthropy at Indiana University, which says that giving historically is immune to recessions.
UNC raises tuition as endowment drops
The endowment at the University of North Carolina at Chapel Hill, worth $2.5 billion in July, has since dropped 13 percent, or $320 million, The Raleigh News & Observer reported Nov. 21. Meanwhile, trustees at the university approved a 6.5 percent tuition increase for undergraduate students to raise money for student aid and academic programs.
Boston College cuts budget
Boston College has reduced its budget by 2 percent, or $2.5 million, in anticipation of increased requests for financial aid during the economic downturn, The Boston Globe reported Nov. 21 (see budget story). The funds will be put in a reserve account to assist students in the coming semester and academic year.
* Financial losses among some of Duke University’s biggest donors are causing unease for university fundraisers, The Duke Chronicle reported Nov. 21.
* In a move to combat flagging sales, Gucci is giving 25 percent of the sales of its new Tattoo Heart handbag and shoe collection to UNICEF, says Cheryl Lu-Lien Tan on a blog in The Wall Street Journal Nov. 20.