Giving by wealthy people expected to rebound
Wealthy people have trimmed their charitable giving in the financial crisis but philanthropy is poised to rebound as economies recover and private bankers look for ways to help their clients support causes they care about, Reuters reported Oct. 7 (see wealthy giving story). While it fell 19.5 percent in 2008, according to a report by Capgemini and Merrill Lynch Wealth Management, the wealth of high-net-worth individuals is forecast to start growing again at an annualized rate of 8.1 percent to $43.5 trillion by 2013, led by North America and Asia.
Education innovation fund launched
The U.S. Department of Education launched a $650 million innovation fund expected to attract proposals from 2,700 school districts and nonprofits, The New York Times reported Oct. 6 (see education innovation story). The 50 states already are competing for pieces of a $5.4 billion education improvement fund the department is overseeing.
Despite recession, more colleges going ‘green’
A new report by the Sustainable Endowments Institute says that, despite the tough economy, colleges are sticking to their focus on greener campuses and sustainable-savvy investments, The New York Times reported Oct. 7 (see sustainable colleges story). Among 322 schools evaluated this year, 56 percent earned higher grades than previous years, while 13 percent showed slight declines.
British charities get more time to show public benefit
Britain’s Charity Commission says private schools, along with the rest of the 180,000 charities in England and Wales, now have up to five years to meet a public-benefit test that entitles them to charitable status and tax breaks, The Guardian reported Oct. 7 (see public-benefit test story). To keep their tax breaks, worth up to 100 million British Pounds a year, or $158.9 million, the commission has told private schools to offer more educational benefits to families who cannot afford fees.