Nonprofits feel left out by health-care reform proposals
Because they are tax-exempt, U.S. nonprofits would not receive the tax credit awarded to small businesses in the health-care proposals backed by President Obama and currently before Congress, The New York Times reported Sept. 13 (see nonprofit health care story). Many nonprofits believe that, since they provide health-care coverage for their employees, they should receive relief similar to that afforded businesses.
University system foundation under federal investigation
The State University of New York Research Foundation is under federal investigation for allegedly misappropriating tens of millions of dollars in federal grants, The Times Union reported Sept. 14 (see SUNY Albany story). Federal prosecutors are investigating whether the money, which was meant for specific health projects, was used by the universities for other projects.
Pittsburgh Foundation to target families, environment, advocacy
After a strategic-planning process that lasted 15 months and included 100 community leaders, the Pittsburgh Foundation will expand its grantmaking to include the environment and advocacy, The Pittsburgh Tribune-Review reported Sept. 14 (see Pittsburgh Foundation story). The funder’s new target areas are “self-sufficient families, healthy communities and a vibrant democracy.”
WFU Foundation assets tumble by $102 million
The assets of the WVU Foundation, the fundraising arm of West Virginia University, lost $102 million in value in fiscal 2009, The Associated Press reported Sept. 12 (see West Virginia University story). While the foundation’s endowed investments finished the year at $315 million, the foundation brought in $54.7 million in gifts during the year, about $200,000 more than in fiscal 2008.
Tulane aims to raise more than $1 billion
Tulane University is planning to launch a campaign to raise more than $1 billion, the largest goal in the New Orleans school’s history, The Times-Picayune reported Sept. 13 (see Tulane story). In part, the money will be used to boost the university’s endowment, which fell by 23 percent during fiscal 2009.
University of Kentucky faces ‘underwater endowments’
More than half of the University of Kentucky’s endowed funds, which provide money for scholarships and professorships, have fallen below their original purchase values, The Associated Press reported Sept. 13 (see University of Kentucky story). In order to continue funding scholarships and professorships from such “underwater funds,” the school would have to spend some of the principal, rather than the interest.