UCLA professor accused of misusing funds from research charity
The California State Attorney General is suing Gerald D. Buckberg, a cardiothoracic surgery professor at UCLA’s medical school, for allegedly using funds from his research charity for personal business ventures and medical research, The Los Angeles Times reported Sept. 10 (see Gerald Buckberg story). The suit also names five other officers of L.B. Research & Education Foundation.
UVA considers increasing endowment payout
The University of Virginia’s endowment shed $1 billion in value during fiscal 2009, a 21 percent drop that is causing the school’s board of visitors to consider increasing the amount of money taken from the endowment to fund this year’s operations, The Charlottesville Daily Progress reported Sept. 10 (see University of Virginia story). Facing growing budget cuts, the board will vote on increasing the payout to 5.5 percent from 5 percent.
‘Twestival’ ongoing in 130 cities to raise money for charity
A “Twestival,” or fundraising campaign conducted via micro-blogging site Twitter, is scheduled for Sept. 9-13 in 130 cities worldwide to benefit a number of charities, USA Today reported Sept. 9 (see Twitter fundraising story). The effort encourages followers to donate money and attend events scheduled in various cities.
Professional advisers seen enhancing clients’ philanthropy
Professional advisers have the knowledge and insights to help their wealthy clients go beyond check-writing to positively impacting their world through strategic giving, Forbes reported Sept. 9 (see wealthy donors story). Encouraging strategic giving helps make contributions more meaningful and enhances the adviser-client relationship.
Endowment plunge forces Brown to cut jobs, staff
After poor investment performance and $132 million in payouts for the school’s operations, Brown University’s endowment lost $2.04 billion in value during fiscal 2009, a 27 percent plunge, Bloomberg reported Sept. 9 (see Brown University story). The school cut $35 million from the current year’s budget, done in part through the elimination of 67 positions and 36 layoffs, and plans to cut another $30 million in fiscal 2011.