Gates considers nationwide broadband
Blanketing the U.S. with fiber-optic cable in an effort to bring high-speed internet access to the nation’s “anchor institutions” would cost $5 billion to $10 billion, says an analysis from the Bill & Melinda Gates Foundation, Nick Eaton wrote in a blog in the Seattle Post Intelligencer Oct. 9 (see Gates Foundation story). The estimate includes wiring about 123,000 hospitals, public libraries, public schools and community colleges.
Recession sends middle class to nonprofits for help
As jobless rates continue to rise, more formerly middle-class families in Boston are turning to nonprofits for basics like food, shelter, fuel and unemployment assistance, The Patriot Ledger reported Oct. 10 (see Boston nonprofits story). Meanwhile, the welfare rolls in Massachusetts have doubled over the past five years.
Kansas University endowment drops 22 percent
The endowment of the Kansas University Endowment Association fell 22 percent to $960 million in fiscal 2009, The Lawrence Journal-World & News reported Oct. 9 (see Kansas University story). The endowment paid out $105.4 million to the school during the fiscal year, down 6 percent from fiscal 2008.
Dartmouth‘s endowment falls 23 percent
Dartmouth College’s endowment fell 23 percent to $2.8 billion in fiscal 2009 and payout from the endowment is expected to be flat or reduced in coming years, The Wall Street Journal reported Oct. 10 (see Dartmouth endowment story).
Illiquid investments plague Ivy League endowments
Because of their reliance on illiquid investment vehicles like hedge funds and private-equity funds, the recent bleak performance of Ivy League endowment-fund managers may be worse than originally thought, Investment News reported Oct. 11 (see Ivy League endowments story). Because such investments are not actively traded, investors must rely on the managers of those funds to provide valuations.
European private-equity firms giving back
Almost half the largest 20 European private-equity firms have created charitable foundations or organizations, including Bridgepoint Capital and Apax Partners, Financial News reported Oct. 12 (see private equity story). In addition to getting tax breaks, companies say their charity activities help attract and motivate employees.