Colleges cut services to offset losses
In a reversal of fortunes, elite universities are cutting back on student and faculty services to make up for the steep losses education endowments suffered in fiscal 2009, The Financial Times reported Oct. 15 (see university endowments story). Observers now are questioning the risky investment strategies that yielded large gains in boom times and deep losses during the recent bust.
University of Michigan‘s endowment down 21 percent
The University of Michigan’s endowment fell to $6 billion in fiscal 2009, down 21 percent from a record high of $7.6 billion in 2008, The Detroit News reported Oct. 15 (See University of Michigan story). The school has cut costs in an effort to avoid layoffs and program closures.
More people volunteering at religious organizations
Volunteering at a religious organization has grown over the course of the recession, with almost four in 10 Americans giving their time, compared to three in 10 the year prior, says a new USA Today-Gallup Poll, Gannett reported Oct. 16 (see religious charities story). The percentage of people giving money to religious groups remained about the same.
Gates Foundation puts $115 million into malaria drugs
The Bill & Melinda Gates Foundation awarded a $115 million grant to Switzerland’s Medicines for Malaria Venture to develop new malaria drugs, The Seattle Times reported Oct. 17 (see Gates Foundation story).
University of Nebraska aims to raise $1.2 billion
The Nebraska University Foundation has launched an effort to raise $1.2 billion by 2014, and currently has more than half the total in hand, The Omaha World-Herald reported Oct. 17 (see University of Nebraska story). The goal of the “Campaign for Nebraska” is to help more Nebraskans attend the University of Nebraska.
Connecticut nonprofits concerned for survival
One in three nonprofits in central and northeastern Connecticut are worried they may have to shut down in the coming year, says a survey of 1,900 nonprofits by the United Way of Central and Northeastern Connecticut, The Hartford Business Journal reported Oct. 19 (see Connecticut nonprofits story). The recession caused a simultaneous rise in demand and drop in donations, a convergence that landed many nonprofits on shaky financial footing.