Endowments slash private-equity holdings
More than half the respondents in a recent survey of large trusts and endowments say the financial crisis has led them to change their private-equity investment strategy, with many cutting the amount they invest in that type of vehicle, The New York Times reported Oct. 29 (see private-equity story). Almost one in 10 of the endowments surveyed have postponed all private-equity investments for the next year, says the survey by Preqin.
Goldman’s donation should top $1 billion, philanthropist says
In order to use philanthropy to quell complaints over mammoth pay and bonuses, securities firm Goldman Sachs would have to donate “at least $1 billion” to charity, says Peter Peterson, billionaire founder of Blackstone Group, Bloomberg reported Oct. 29 (see Goldman Sachs story). Goldman, one of the financial firms that received government assistance, has set aside $16.7 billion to be paid out in bonuses for 2009.
Gates Foundation to award $4 million in Washington State
In an effort to counteract the effects of the recession on its home state, the Bill & Melinda Gates Foundation will award $4 million in grants to community foundations, libraries and legal-aid groups in Washington State, Kristi Heim wrote in a blog in The Seattle Times Oct. 29 (see Gates education story).
Berkshire nonprofits funnel $1.9 billion into local economy
Nonprofits in Berkshire County, Mass., funnel about $1.9 billion into the local economy annually and employ more than one in three workers in the county, says a study from commissioned by the Berkshire Chamber of Commerce, iBerkshires.com reported Oct. 29 (see Berkshire County nonprofits).
Canadian Opera posts $1.6 million deficit
In spite of finishing its 2008-09 season with record-high performance revenues, the Canadian Opera Company still posted a $1.6 million operating deficit due to anemic fundraising, Canadian Press reported Oct. 28 (see Canadian Opera story). Fundraising, which accounts for a third of revenues, fell short by $1.1 million and the group did not receive an expected $500,000 in endowment proceeds from its affiliated foundation.