Nonprofit news roundup June 19, 2009

Global health funding soars but challenges remain, study says

A new report U.S. public funding and donations by corporations and private foundations like the Bill & Melinda Gates Foundation have helped quadruple funding for global health in less than two decades to almost $22 billion, The Seattle Times reported June 18 (see health funding story). But imbalances remain in targeting the funds to most effectively fight a range of diseases around the world.

Harvard makes deep cuts in face of endowment plunge

Harvard University, the world’s richest educational institution, is making deep budget cuts in the face of big losses in the value of its endowment, nited Press International reported June 17 (see Harvard endowment story). The endowment loss has been the biggest ever for Harvard, which counts on endowment income for operating expenses more than most other universities.

Kellogg donates $10 million worth of cereal to food banks

Kellogg Co. is donating to Chicago-based Feeding America, a national network of food banks it helped create, a day’s worth of cereal, or more than 55 million servings, that could have been sold to customers for an estimated $10 million. The Battle Creek Enquirer reported June 18 (see Kellogg gift story).

New York City Opera faces tough financial struggle

The New York City Opera faces a big financial challenges, The New York Times reported June 17 (see opera funding story). To pay off debts and cover operating costs, the opera raided its endowment, which now totals $16 million, down from $57 million in December 2003. And revenue from ticket sales, donations and investments fell 23 percent to $32.9 million in the fiscal year ended June 30, 2008, while expenses grew 11 percent to $44.2 million, leaving total losses of $11.3 million.

L.A. art museum gets big gifts

The Museum of Contemporary Art says Fred Sands it has received $2 million from a trustee, plus $1 million from an anonymous donor, both in addition to gifts of $1 million and $5 million from unnamed donors the museum made public last month, bringing the total raised since Jan. 30 to $10 million, the Los Angeles Times reported June 17 (see museum donation story).

Jolie, Pitt give $1 million for aid to Pakistani refugees

Hollywood stars Angelina Jolie and Brad Pitt donated $1 million to the U.N. refugee agency providing aid to hundreds of thousands uprooted by violence in Pakistan, BBC News reported June 19 (see refugee donation story).

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