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Nonprofit news roundup for July 24, 2009

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As funding sources dry up, museums falter

The “triple whammy” of declines in public funding, private donations and lower endowments is forcing many museums in the U.S. to cut programs, trim staff or even close their doors, USA Today reported July 23 (see museum funding story). Smaller museums are hardest hit, but larger institutions also are being forced to tighten their belts.

Gates invests additional $80 million to prevent AIDS in India

The Bill & Melinda Gates Foundation will award an additional $80 million to Avahan, a program the foundation launched in 2003 that to date has received $258 million from the funder, Puget Sound Business Journal reported July 23 (see Gates Foundation story). The program aims to prevent HIV/AIDS in India.

Philanthropy in India seen lagging citizens’ financial success

While India has adopted American business culture and practices, and has the billionaires and millionaires to show for it, the country has yet to produce well-organized individual giving, The Wall Street Journal reported July 24 (see Indian philanthropy story). Some say the tax structure does not encourage giving, while others blame paltry donations on a “lack of community spirit.”

Olympic Committee raises $4.4 million in $5 donations

A campaign by the U.S. Olympic Committee to encourage $5 donations brought in $4.4 million between Memorial Day weekend and July 4, twice its goal, The Associated Press reported July 23 (see Olympic Committee story).

Former university endowment manager to join PAAMCO

Peter D.A. Stein, former vice president and chief investment officer of the $4.9 billion endowment at the University of Chicago will become chair of strategy allocation at Pacific Alternative Asset Management effective Aug. 1, Pensions and Investments reported July 23 (see Peter Stein story).

Diocese of Scranton, N.Y., falls short of annual fundraising goal

The Diocese of Scranton, N.Y., fell short of its $5.3 million annual-fundraising goal by $274,000 for fiscal 2008, the Scranton Times-Tribune reported July 24 (see Diocese of Scranton story). That’s the first time the diocese has not met its goal, a result the organization blames on the sour economy.

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