Donations fall while demand rises
Social-services charities across the U.S. are reeling from the twin recession effects of dwindling donations and rising demand, The Associated Press reported Sept. 30 (see charities in recession story). While giving to social-services groups fell 12.7 percent in 2008, the national poverty rate now has reached an 11-year high of 13.2 percent.
Michael Jackson’s attorneys sue two charities
Attorneys representing Michael Jackson’s estate have sued California charities Heal the World Foundation and United Fleet for allegedly using the star’s name and catchphrases to solicit funds, Reuters reported Sept. 29 (see Jackson charity lawsuit story). The attorneys say the charities pretended to have legitimate ties to Jackson, but do not.
Princeton endowment loses $3.7 billion
Princeton University’s endowment lost 23 percent of its value during fiscal 2009, losing $3.7 billion to end the year at $12.6 billion, The Wall Street Journal reported Sept. 30 (see Princeton endowment story). Losses would have been higher, but instead of withdrawing money from the endowment, school officials sought funding from other sources, including a $1 billion bond offering.
Missouri arts groups boost economy by $1.1 billion
Arts and culture organizations in Missouri generate $1.1 billion in economic activity for the state each year, says a study from the Missouri Arts Council, The St. Louis Business Journal reported Sept. 25 (see Missouri arts story). The sector employs the equivalent of 5,320 full-time employees and provided $9.3 million in state and local revenue.
Austin hit by nonprofit-leadership shakeup
Austin’s nonprofit sector is experiencing a leadership turnover, with the heads of several prominent local charities announcing their imminent departures, The Austin American-Statesman reported Sept. 27 (see nonprofit leadership story).
Sieg to lead philanthropic services for Bank of America
Andy Sieg, former head of Citigroup’s Emerging Affluent Client Segment, has joined Bank of America as head of Retirement and Philanthropic Services, replacing Steve Bodurtha, Dan Fitzpatrick wrote in a blog in the Wall Street Journal Sept. 29 (see Bank of America story).