Heifer foundation CEO resigns in face of investigation
Citing an investigation into “allegations of copyright infringement and plagiarism,” the foundation that supports the endowment for Heifer International accepted the resignation of its CEO, the Arkansas Democrat-Gazette reported May 22. The foundation’s board and Janet Ginn, CEO and president for 7½ years, mutually agreed she should leave the organization.
Givers aim for smarter giving
In the face of the recession and declines in the capital markets, givers are reassessing their giving, with many individuals supporting only groups they have supported in the past rather than giving to new organizations, or making smaller gifts or none at all, and some corporations halting or shrinking or matching-gift programs, The Wall Street Journal reported May 24 (see recession giving story).
Utah foundations expected to give less
With assets totaling nearly $2 billion, Utah-based foundations traditionally used endowment earnings on those assets to contribute roughly $130 million a year to programs in the state, a total experts say could fall by half fall by half because of the recession, the Associated Press reported May 25 (see Utah nonprofits story).
Yale endowment yields higher return that Harvard’s
The endowment at Yale University, which in six months fell 25 percent to $17 billion in December, produced an average annual return of 16.3 percent in the 10 years ended June 30, compared with 13.8 percent for Harvard’s endowment, which fell 22 percent in six months to $28.8 billion in December, Bloomberg reported May 23 . Yale boosted its endowment returns by reducing its holdings of stocks and bonds and buying more real estate, private equity and hedge funds, a strategy that has been copied by endowment managers across the U.S.
Britons favor parents giving to charity
Research shows most Britons would approve of their parents making a gift to charity in their will after providing for friends and family, Press Association reported May 25.