Foundation giving expected to drop
After suffering steep losses on their endowments this year, U.S. foundations are expected to give at least 10 percent less this year than in 2008, says a survey by the Foundation Center, The Washington Post reported Nov. 5 (see foundation giving story). To offset the asset losses, more than two in three foundations have cut operating expenses using measures including salary freezes and layoffs.
Nonprofits should justify tax-exempt status, editorial says
Congress should set standards governing how much public good must be delivered in order for an organization to receive tax-exempt status, and, an editorial in the Des Moines Register said Nov. 5 (see college salary story). The editorial, which comes in the wake of news that 23 private-college presidents received compensation totaling $1 million or more last year, also says lawmakers should ensure executive pay is justifiable and must provide the IRS with the resources it needs to oversee the sector.
BofA allows $5,000 donor-advised funds
Bank of America now is allowing customers to open donor-advised funds online with as little as $5,000, an effort the bank hopes will boost its philanthropic business, Bloomberg News reported Nov. 4 (see Bank of America charitable story). The bank will manage the online accounts as a third party and will allow fund holders to recommend nonprofits to receive funds from the accounts.
Early retirees seek second career with purpose
As a generation of Silicon Valley business people retire with many working years left in their system, some are looking for second careers that help them give back, MCT News Service reported Nov. 4 (see second careers story). A new San Francisco-based effort called Encore Fellows, which is funded primarily by the David and Lucile Packard Foundation, matches retired executives with nonprofits in need.
Scottish program aims to boost youth philanthropy
A trustee of the Wood Family Trust in Scotland launched the Youth and Philanthropy Initiative, a pilot program in northeast Ireland that aims to introduce students to philanthropy and help them learn about strategic giving, advocacy and community issues, BBC reported Nov. 5 (see Scottish philanthropy story).