Goldman Sachs may donate $1 billion
In an effort to preempt a public outcry when it awards what could be record-high employee bonuses this year, Goldman Sachs is considering donating about $1 billion to charity at about the same time, The Business Insider reported Oct. 12 (see Goldman bonuses story). The proposal would involve donating to charity as much as 10 percent to 15 percent of the bonus pool.
Gates Foundation CFO to step down
Alexander Friedman, chief financial officer of the Bill & Melinda Gates Foundation, will leave the organization early next year, The Associated Press reported Oct. 13 (see Gates CFO story). Friedman says he is considering the nonprofit and government sectors, but likely will return to the private sector, where he previously was an investment banker.
Kresge awards $43.7 million in grants
The Kresge Foundation awarded 208 grants totaling more than $43.7 million to nonprofits in 26 states, the District of Columbia and South Africa in the areas of human services, education, environment, arts and culture, health and community development, Reuters reported Oct. 12 (see Kresge Foundation story).
Lloyds’ foundation suspends payments
The banking crisis is taking a toll on charities in Scotland, with the Lloyds TSB Foundation suspending new payments to charities, BBC News reported Oct. 13 (see Scotland charities story). While the funder will honor existing commitments, suspended payments are estimated to be about $9.7 million a year. Meanwhile, Lloyds itself has told its four charitable foundations they will receive 50 percent less in long-term funding from the bank, The Guardian reported Oct. 13 (see Lloyds donations story).
Competition for donors hampers online cooperation
Fear of losing control of their donors is at the heart of the failure to create an online portal providing information and online-donation capabilities for nonprofits in the Charlotte N.C.-area, The Charlotte Observer reported Oct. 11 (see Charlotte charities story). Nonprofits also fear their programs could disappear in the clutter of a centralized site.
Biotech hub to be launched in U.K. to create new drugs
GlaxoSmithKline is partnering with the British government and the Wellcome Trust to speed the development of new drugs by creating a hub for biotech companies, Dow Jones reported Oct. 13 (see GlaxoSmithKline story). The new science park will house 1,500 scientists who will share equipment and expertise.