Nonprofit news roundup for July 10, 2009

Shriners consider closing six hospitals

As its endowment shrinks, the Shriners fraternal group is considering whether to close six of its hospitals, or one-fourth of its facilities, or change how its system offers care, the Associated Press reported July 8 (see Shriners hospitals story).

Contracts with fund managers squeezing U.S. colleges

The University of Virginia may double investments in private-equity, real estate and commodities to roughly $2 billion over the next six years because it is obligated by contract to make the investments, reflected the squeeze on U.S. colleges from commitments to fund managers made before financial markets collapsed, Bloomberg reported July 9 (see university investment story).

Nonprofit sues SunTrust Bank for failing to disclose investment risk

A nonprofit founded is suing Atlanta-based SunTrust Bank, claiming it did not properly disclose the risks when it invested $8 million of the charity’s money in auction-rate securities, a kind of debt long touted by the financial industry as a safe place to park money while earning interest, the Atlanta Journal-Constitution reported July 9 (see charity lawsuit story).

Canadian investment firm won charity auction to fine with Buffett

The Glide Foundation, which received all the auction proceeds, said Toronto-based investment firm Salida Capital paid $1.68 million in June’s charity auction to win lunch with billionaire investor Warren Buffett, the Associated Press reported July 8 (see Buffett charity lunch story).

University of Georgia Foundation dipping into reserves

The University of Georgia Foundation will tap its reserves to provide $533,000 for academic programs, including need-based student scholarships, the Associated Press reported July 9 (see university reserves story).

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