Nonprofit partnership aims to develop affordable vaccines
Merck & Co. and the Wellcome Trust are launching a nonprofit partnership to develop affordable vaccines against diseases in poor countries, The Associated Press reported Sept. 17 (see affordable vaccines story). The effort also aims to improve existing vaccines by finding lower-cost production methods and improving shipping and storage methods.
MIT’s endowment falls 21 percent to $8 billion
The endowment of the Massachusetts Institute of Technology lost almost 21 percent of its value during fiscal 2009, falling to $8 billion from $10.1 billion, The Wall Street Journal reported Sept. 16 (see MIT story). Investment losses for the year were 17 percent.
Greater Milwaukee Foundation’s CEO to retire in 2010
Douglas Jansson, the president and CEO of the Greater Milwaukee Foundation for the past 16 years, will retire Sept. 30 of 2010, The Business Journal of Milwaukee reported Sept. 17 (see Milwaukee Foundation story). During his tenure, the funders’ assets grew to $574 million from $114 million and grantmaking totaled $296.6 million.
Rutgers raises record $128 million in fiscal 2009
Rutgers University raised more than $128 million in new gifts and pledges during fiscal 2009, an increase of 6 percent over 2008, The Associated Press reported Sept. 17 (see Rutgers story). Foundation and individual gifts to the school both grew, but corporate giving fell by $5.2 million.
U.K. charities lose $200 million in Icelandic banking collapse
Scores of charities across the United Kingdom have lost a combined $200 million that was held in Icelandic banks, which collapsed during the recent financial meltdown, the U.K. Audit Office estimates, The Associated Press reported Sept. 17 (see British charities story).
Revenue down for British charities
More than half of British charities are reporting a drop in revenue since the recession began, with smaller charities that have loyal donor bases faring better than their larger counterparts, says a survey by the Charity Commission, Sky News reported Sept. 18 (see U.K. charities story).