Harvard endowment retrenches
Jane Mendillo, who took over Harvard Management Co. in July of 2008, is cutting back the group’s reliance on outside firms that manage two-thirds of Harvard’s $26 billion endowment, Bloomberg News reported Oct. 8 (see Harvard Management story). The move comes in the wake of a loss of $10 billion in endowment value during 2008.
Franklin Graham’s charity compensation questioned
Amid public concern about his escalating compensation, evangelist Franklin Graham says he temporarily will forego contributions to his retirement plans at two charities he leads, The News & Observer reported Oct. 8 (see Franklin Graham story). Last year he received a total of $1.2 million in compensation from his two full-time jobs as president of the Billy Graham Evangelistic Association and Samaritan’s Purse.
Recession a boon for volunteering
The rising jobless rate has left thousands of Central Texans with extra time on their hands, and many are putting their skills to use as volunteers, The Austin American-Statesman reported Oct. 8 (see volunteerism story). Over the past year, hours volunteered at the Capital Area Food Bank of Texas have increased 42 percent and Austin Travis County Integral Care’s volunteer hours are up 64 percent.
Dwindling Jewish philanthropy could harm Israeli nonprofits
Jewish philanthropy is declining, particularly in the U.S., a trend that could harm Israel’s nonprofit sector and welfare services, The Jerusalem Post reported Oct. 8 (see Jewish philanthropy story). United Jewish Communities has raised $608 million so far this year, down from $714 million during the same period last year.