Gates Foundation awards $16.5 million to community colleges
The Bill & Melinda Gates Foundation awarded a total of $16.5 million to 15 community colleges in five states as part of its Developmental Education Initiative, which aims to strengthen remedial education and boost retention and graduation rates, Rebecca R. Ruiz wrote in a blog in The New York Times June 22 (see Gates Foundation story).
University of Alabama‘s endowment begins turnaround
The endowment of the University of Alabama System is beginning to regain some ground after losing more than 30 percent of its value between the end of 2008 and March of this year, The Tuscaloosa News reported June 20 (see University of Alabama story). The endowment, which peaked at $1 billion, stood at $693 million as of March 31, but has risen 2.9 percent over the last two months.
Corporate philanthropy seen benefiting companies
Giving corporate time and treasure to nonprofits not only helps the recipient charities, it can help the corporation by building employees’ skills and boosting goodwill in the community, Dow Jones Newswires reported June 22 (see workplace charity story). Young professionals at Morgan Stanley gained exposure to corporate executives and the nonprofit iMentor received a business plan and $10,000 as part of the company’s Social Enterprise Strategy Challenge.
Texas universities struggle to raise money during recession
While Rice University and the University of Texas at Austin both launched billion-dollar campaigns in the fall of 2008, other Texas schools are delaying their major fundraising efforts until the economy improves, The Houston Chronicle reported June 20 (see Texas universities story). Fundraisers report donations are still coming in, but some are deferred and total amounts received in 2009 are likely to fall short of 2008 levels.
National Organization for Women elects new president
In a June 20 election, Terry O’Neill beat out Latifa Lyles to become the new president of the National Organization for Women, The Associated Press reported June 22 (see women’s philanthropy story). Lyles, a 33-year old black woman, had hoped to bring a “new image of youth and diversity” to the organization and was endorsed by outgoing president Kim Gandy, who had led the group for 8 years.
Scotland’s St. Andrews University launches $163 million campaign
As it approaches its 600th anniversary in 2013, St. Andrews University in Scotland aims to raise about $163 million from its alumni, The Herald reported June 23 (see St. Andrews University story). The funds will be used to build a new library and medical research facility, and to create an endowment for scholarships and professorships.