Recession spurs use of ‘PRIs’
With fewer philanthropic dollars to go around, more people and groups are putting their money into “program-related investments,” financial vehicles that provide needed capital to nonprofits and returns to investors, The Wall Street Journal reported Nov. 9 (see program-related investments story). Donor-advised funds and family foundations also are experimenting with loan-related activities.
Foundations convert to donor-advised funds
With many private and family foundations significantly diminished by the economic downturn, some are closing their doors and rolling their assets into donor-advised funds, The Wall Street Journal reported Nov. 9 (see foundation conversions story). The shift can relieve philanthropists of the time and energy of running a foundation while saving on management costs, a move that means more money for worthy causes.
BofA Foundation awards $2.8 million in Florida
The Bank of America Charitable Foundation has awarded unrestricted grants totaling more than $2.8 million to 14 nonprofits in Florida through its Neighborhood Excellence Initiative, The Financial News & Daily Record reported Nov. 6 (see Bank of America Foundation story). Each organization received $200,000 in funding, bringing to $18 million the foundation’s total investment since the program launched in 2004.
Responsible giving requires work
In order to ensure their donations have maximum impact, donors must do their homework to find charities that will steward their donations responsibly, The Wall Street Journal reported Nov. 8 (see smart giving story). To help, donors should consult community foundations and online watchdog groups like CharityNavigator, Guidestar and GiveWell.
Georgia Tech’s management school gets $25 million
An anonymous donor has given $25 million to Georgia Tech’s College of management, The Atlanta Journal-Constitution reported Nov. 6 (see Georgia Tech gift story). Twenty million of the gift will serve as a challenge grant to build the college’s endowment, while the remaining $5 million will be spent at the discretion of the dean of the college.
British school children lack knowledge of World War II
About 7 percent of British children think Adolf Hitler was a German football coach and about the same number think the Holocaust was a celebration marking the end of World War II, says a survey by Erskine, a war veterans’ charity, AFP reported Nov. 6 (see World War II story). Children ages 9-15 also were confused about Auschwitz, the first nuclear bomb and Anne Frank.