Salvation Army struggling to deliver on big gift
Five years after McDonalds Corp. heiress Joan Kroc left $1.8 billion to the Salvation Army to build 30 community centers throughout the U.S., the charity is finding it tough to finance the project, with only four centers built, The New York Times reported June 14 (see Salvation Army story).
Endowments down at Georgia colleges
Endowments at public and private colleges in Georgia have declined 25 percent in the past year, prompting schools to eliminate some scholarships and chase funds to support jobs and research projects, the Atlanta Journal-Constitution reported June 15 (see college endowment story).
Americans’ personal wealth plunges
The Federal Reserve said Americans’ net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, fell $1.3 trillion, or 2.6 percent, in the first three months of 2009, the Associated Press reported June 12 (see net worth story). Americans’ personal savings rate grew to 5.7 percent in April, the highest since 1995, and the amount in savings — $620.2 billion — was the most on record dating to January 1959.
Knight Foundation investing in nonprofit journalism
In the face of a financially-struggling news industry, the John S. and James L. Knight Foundation will spend $15 million to cultivate new business models for in-depth news reporting on digital platform, the Miami Herald reported June 15 (see nonprofit journalism story).
Associated Press to distribute nonprofit journalism
The Associated Press will distributed the work of four nonprofit groups that focus on investigative reporting, giving a big boost to their potential audience and helping newspapers offset the loss of their own shrinking resources, The New York Times reported June 13 (see investigative journalism story).
Marathons’ fundraising appeal seen as risk to some runners’ health
As marathons attract more participants who want to help raise money for a charitable cause, experts worry that many runners are not prepared physically for the toll the races can take on their health, the Chicago Tribune reported June 12 (see charity marathon story).