Gates funds unconventional research
The Bill & Melinda Gates Foundation is donating $100,000 to each of 76 groups and researchers exploring unconventional approaches to world problems, The Associated Press reported Oct. 21 (see Gates Foundation story). One such award will help a UCLA doctoral candidate explore using chewing gum to detect malaria.
Harvard alums criticize endowment management company
A group of Harvard alumni from the Class of 1969 sent a letter to the university’s president criticizing the Harvard Management Co., which they say is responsible for last year’s 27 percent drop in the school’s endowment, The Boston Globe reported Oct. 21 (see Harvard alumni story). Having long been critical of the management group’s high compensation of its executives, the alums now say they have “little confidence” that the university is addressing its problems.
South Florida clears business school of financial-misuse charges
The University of South Florida has cleared its College of Business of charges that it misused $2.2 million it received in 1999 to create an endowed professorship in business ethics, The St. Petersburg Times reported Oct. 20 (see University of South Florida story). While the professorship still does not exist, university auditors say a good-faith effort has been made to use the funds to further ethics education.
Former Feed the Children employees sue over firings
Two former employees of Feed the Children have sued the charity for wrongful termination, saying their firings were retaliation by the organization for whistle-blowing, The Associated Press reported Oct. 17 (see Feed the Children story). The two accountants say they were fired for exposing the charity’s failure to pay $1.1 million in taxes and an official’s effort to cover it up.
University of South Dakota finishes year assets of $154 million
The University of South Dakota Foundation finished fiscal 2009 with assets of $154 million, The Associated Press reported Oct. 21 (see University of South Dakota story). New gifts of $12 million helped offset the endowment’s 13 percent investment loss for the year.
Chinese tycoon creates $1.17 billion charitable fund
Chinese tycoon Chen Fushu donated 45 percent of his personal wealth to create the $1.17 billion New Haudu Philanthropic Fund, a move that is being investigated as a way of avoiding accusations of tax fraud that have been levied against him, The AFP reported Oct. 21 (see China charity story).