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Nonprofit news roundup for Dec. 2, 2008

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Unpaid caregivers ‘backbone’ of U.S. long-term care

More than 34 million American adults provide an average of 21 hours a week of care to another adult, worth $10.10 an hour in the marketplace, says an AARP study, Jane Gross says in a blog in The New York Times Dec. 2 (see caregiver blog). The unpaid services of America’s family caregivers amounted to about $375 billion in 2007, up from $350 billion in 2006. The Baby-Boomer generation of caregivers, which the AARP refers to as the “backbone” of the long-term care system, provides some 80 percent of long-term care in the U.S.

Scramble to sell private equity drives down prices

Efforts by U.S. universities to shed their stakes in private-equity funds have flooded the market and driven down prices, Bloomberg reported Dec. 1 (see stakes story). Some of the biggest buyout firms in the U.S. are offering interests in their funds at discounts of at least 50 percent. Many universities, alarmed by the nosedive their endowments took after the credit crisis, are scrambling to unload their private-equity funds in an effort to head off further damage.

Gates Foundation gives $3.5 million for global-health coverage

The Bill & Melinda Gates Foundation has given a three-year, $3.5 million grant to public broadcaster WETA, co-producer of The NewsHour with Jim Lehrer, to establish a NewsHour production unit dedicated to global-health issues, Robert MacMillan says in a blog on Reuters Dec. 1 (see health blog). Over the three-year life of the grant, NewsHour will produce reports on major global-health issues, including malaria, AIDS and tuberculosis, and air the reports on its daily PBS broadcast.

New year looks bleak for British charities

British charities are bracing for a dismal new year as investments and corporate donations plummet, says a survey, The Guardian reported Dec. 1. Britain’s 190,000 charities could end up with about £2.3 billion, or nearly $3.5 billion, less than they expected to get in 2009.

UT Austin gets $15 million for history center

Former Texas Gov. Dolph Briscoe has given $15 million to the Center for American History at the University of Texas at Austin to promote collections and scholarships, The Austin American-Statesman reported Dec. 2. The center was renamed in honor of Briscoe, whose donation nearly tripled the center’s endowment.

In Brief:

* As U.S. charities are battered by drops in foundation grants and government funding, they are relying on a handful of generous and innovative philanthropists to steer them through tough times, The Deal reported Dec. 1.

* JPMorgan Chase & Co. announced that next year it plans to match the $2.6 million given to Washington state nonprofits in 2008 by Washington Mutual, which it acquired after the bank’s collapse in September, The Seattle Post-Intelligencer reported Dec. 1.

* A New Jersey real-estate lawyer has started a fund to help the family of Jdimytai Damour, a Wal-Mart employee who was trampled to death by holiday shoppers when the Long Island store opened on Black Friday, Newsday reported Dec. 1.

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