Closing of auto dealerships affects local charities
As U.S. car companies order the closings of thousands of dealerships, the local charities those dealerships support are bracing for a drop in donations, The Associated Press reported May 16. Chrysler alone will close 2,000 retail outlets nationwide by late next year, leaving groups like little leagues and libraries with less support.
Fannie Mae, Freddie Mac cut donations
Beleaguered mortgage giants Fannie Mae and Freddie Mac, which were saved from looming collapse by the federal government, have cut their charitable donations by about 40 percent from 2006 to 2008, The Washington Post reported May 18 (see mortgage story). Charitable giving by the two companies is expected to fall slightly this year and likely will be focused on housing-related issues, leaving some former grantees without critical support.
University of Georgia prepares for budget cuts
The UGA Foundation and the Arch Foundation, both of which support the University of Georgia, have seen endowment losses of 25 percent, or about $180 million, over the last year, putting pressure on the university’s budget, The Associated Press reported May 18. The school, which received a total of $40 million from the foundations during the 2007-08 fiscal year, likely will cut faculty travel and student scholarships to shore up its financial position.
McCormick Foundation named former publisher its new CEO
David Hiller, a former publisher of the Los Angles Times and Chicago Tribune, was named president and CEO of the Chicago-based McCormick Foundation, the Chicago Tribune reported May 18 (see McCormick Foundation story). Hiller succeeds David Grange, a former U.S. general who will retire at the end of June after a decade with the foundation.
Tennessee Easter Seals may file bankruptcy
Sagging under $10 million in debt, the Easter Seals chapter in Tennessee could file Chapter 11 bankruptcy as early as today, WTVF News Channel 5 reported May 18. The charity, based in Nashville, may close a fitness center and give over to creditors two parcels of land.
Gates Foundation gives $1 million global-health award
The Bill & Melinda Gates Foundation its annual $1 million award for global health to the London School of Hygiene & Tropical Medicine to train more people throughout the world to work in public health, the Associated Press reported May 18 (see Gates prize story).