Obama to donate $1.4 million prize
President Barack Obama says he will donate to charity the $1.4 million award he will receive as winner of the 2009 Nobel Peace Prize, The Associated Press reported Oct. 10 (see Obama donation story). The money likely will be shared by more than one charity, the president’s spokesman says.
Harvard takes back investment reins
With almost nine in 10 of its hired fund managers reporting losses last year, Harvard Management Co. will reduce its reliance on outside fund managers, Bloomberg News and The Boston Globe reported Oct. 9 (see Harvard endowment story). Fifty-four funds lost money for the school’s endowment, while only nine reported gains.
Cause marketing expands from consumers to pets
As the popularity of cause marketing grows, some companies are extending the strategy to products for pets, The New York Times reported Oct. 8 (see cause marketing story). In a recent example, Del Monte Foods now is donating to the nonprofit Canine Assistants as part of a new campaign for its Milk-Bone dog treats.
Nonprofits put naming rights on sale
With the downturn hammering charities’ endowments and fundraising efforts, the price tag for naming rights in exchange for donations may be dropping, Bloomberg News reported Oct. 9 (see naming rights story). Gifts of $1 million or more fell by half during the first month of 2009, a report says, and the number of billionaires has fallen to 391 from 489 this year, trends that are encouraging nonprofits to consider naming rights in exchange for smaller gifts.