IRS looks into compensation for college-endowment managers
The IRS is looking into the operations of 400 randomly-selected U.S. colleges and universities to better understand their compensation practices for in-house and outsourced endowment managers, as well as related tax issues, Reuters reported Aug. 2 (see college endowments story). The agency aims to release a report by the end of the year.
BB&T puts millions into ‘moral foundations of capitalism’
The federal government’s attempts to bail out the auto and financial-services industries are a “nightmare for anyone who supports individual rights,” says BB&T Chairman John Allison, a follower of Ayn Rand’s free-market capitalistic ideals, The New York Times reported Aug. 1 (see BB&T story). The bank spends $5 million a year to fund teaching positions and research on “the moral foundations of capitalism.”
South Carolina business school raises $42 million
The business school at the University of South Carolina has raised $42.4 million in gifts and pledges, topping its goal for a five-year challenge that will draw another $45 million in matching funds from Darla Moore, for whom the school is named, The Associated Press reported July 31 (see University of South Carolina story). The money will fund a new business school in Innovista, a campus aimed at incubating high-tech businesses.
Atlanta‘s pro athletes dig deep to give back
Professional athletes in the Atlanta area are giving back to their communities through their own charitable foundations as well as foundations run by their teams, The Atlanta Journal-Constitution reported Aug. 3 (see Atlanta sports charity story). Atlanta Braves pitcher Tim Hudson recently started the Hudson Family Foundation to benefit kids’ charities, the Atlanta Falcons Youth Foundation has awarded more than $16 million in grants since its inception in 1985, and the Thrashers Foundation has awarded $4 million since 1999.
Gates Foundation funds computer upgrades at Missouri libraries
The Missouri State Library received a $1 million grant from the Bill & Melinda Gates Foundation to update the 590 computers in the state’s 120 libraries and to purchase printers and repair equipment, The Associated Press reported Aug. 3 (see Missouri State Library story).
Campaign aims to raise money for Michigan nonprofits In celebration of its 50th anniversary, Detroit’s Art Van Furniture will award $1 million to 50 Michigan nonprofits and aims to raise additional funds during a 50-hour campaign launched Aug. 3, The Detroit Free Press reported Aug. 4 (see Art Van Furniture story).