Harvard cuts reach faculty, students
After losing 30 percent of the value of its endowment during the economic downturn, Harvard University, in addition to implementing hiring and salary freezes, is cutting perks for faculty and staff, The New York Times reported Oct. 8 (see Harvard budget cuts story). No longer are hot breakfasts provided at most dorms, professors no longer receive cookies at faculty meetings and varsity athletes no longer are guaranteed free warm-up suits.
Charities await decision on Brooke Astor’s will
While the son of the late philanthropist and heiress Brooke Astor has been convicted of stealing from his mother, the fate of her $180 million estate remains uncertain, as do possible bequests to charities like the Metropolitan Museum of Art and The New York Public Library, The New York Times reported Oct. 8 (see Brooke Astor story). A court battle is expected over Astor’s will, an earlier version of which left more money to charity than the most recent 2002 version.
Griffin Foundation donates $10 million for kids in Chicago
The Griffin Foundation is donating $10 million for an educational project in south suburban Chicago Heights that will begin with an early childhood education center that will serve up to 250 children, The Chicago Tribune reported Oct. 9 (see Chicago Heights story).
University of Texas endowments begin to rebound
After losing $6 billion during the economic downturn, University of Texas endowments, managed by the University of Texas Investment Management Co., is seeing a rebound, thanks in part to $30 million in gains from Twitter holdings owned by private-equity companies UTIMCO invested in, The Houston Chronicle reported Oct. 7 (see University of Texas story).