ACORN loses foundation support
In the wake of a series of embarrassing allegations, political-organizing group ACORN has lost the support of major funders, including the Ford Foundation, the Annie E. Case Foundation and Bank of America, The Washington Post reported Oct. 3 (see ACORN funding story). Videos of ACORN employees providing questionable advice surfaced recently, and the group is accused of financial mismanagement and fraud.
Stanford aims to unload stakes in private-equity firms
Having lost $4.6 billion in endowment value in fiscal 2009, Stanford University is looking to sell its stakes in private-equity firms in hopes of raising $1 billion or more, The New York Times reported Oct. 5 (see Stanford investments story). The move could further depress prices for other schools considering selling their private-equity holdings, experts say.
Texas universities feel effects of downturn
The endowments of Texas universities have lost billions during the economic downturn, losses that will result in larger class sizes, fewer scholarships and stagnant salaries at colleges across the state, The Houston Chronicle reported Oct. 5 (see Texas universities story). Schools like Rice, which relies on its endowment for almost half its operating expenses, will feel the effects to the largest degree.
Nonprofit BlueCross insurers see income drop
Nonprofit BlueCross BlueShield insurers are facing the double whammy of declining income from premiums and lower investment income, American Medical News reported Oct. 5 (see nonprofit BlueCross story). The average profit margin for the insurers fell to 2 percent in 2008 from 4.3 percent in 2007.
University of Illinois raises record $221.4 million
The University of Illinois and its affiliated foundation raised a record total of $221.4 million in private gifts in fiscal 2009, The News-Gazette reported Oct. 3 (see University of Illinois story). The school’s Brilliant Futures Campaign also passed the $1.7 billion mark and aims to reach its goal of $2.25 billion by the end of 2011.
Carnegie Hall stays profitable during 2009
While Carnegie Hall’s endowment lost 21.8 percent of its value during 2008, it gained15 percent during the first half of 2009 and has remained profitable so far this year, Amanda Gordon wrote in a blog in The New York Sun Oct. 3 (see Carnegie Hall story).