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Bank of America sticks by Tiger’s foundation…

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Nonprofit news roundup 

Bank of America sticks by Tiger’s foundation

Despite the media frenzy whipped up by Tiger Woods’ recent car accident, Bank of America will continue negotiating a broader sponsorship of the golfer’s foundation, SportsBusiness Journal reported Dec. 1 (see Tiger Woods Foundation story). The bank inherited sponsorship of the Tiger Woods Foundation’s Chevron World Challenge golf tournament through a recent merger.

‘Homelessness czar’ starts nonprofit

Philip Mangano, who oversaw homelessness policy for President Bush for seven years, has started a new nonprofit called the American Round Table to Abolish Homelessness, The San Francisco Chronicle reported Dec. 1 (see Philip Mangano story). Based in Massachusetts, the group aims to eradicate homelessness, in part by providing housing and services to people in need.

Donors face tough choices this holiday season

With demand up at basic-needs charities across the country this holiday season, and half of U.S. charities seeing a drop in donations, the nation’s donors are facing tough decisions, The Wall Street Journal reported Dec. 2 (see holiday giving story). To give wisely, donors should involve the whole family in making donation decisions, make a list of giving goals, pursue corporate gift matches and carefully weigh solicitations.

Tiger’s charity tournament to proceed without him

The Chevron World Challenge, the upcoming charity golf tournament benefiting the Tiger Woods Foundation, will proceed as planned, despite the withdrawal of Woods, who says injuries sustained in a recent car accident prevent his attendance, The Los Angeles Daily News reported Dec. 2 (see Tiger Woods charity tournament story). Woods is maintaining a low profile in the wake of the accident, which has garnered intense media scrutiny.

Gates Foundation awards $3.4 million to libraries

The Bill & Melinda Gates Foundation has awarded grants totaling $3.4 million to libraries in Arkansas, Kansas, Massachusetts, New York and Virginia, The Associated Press reported Dec. 1 (see Gates Foundation story). The funds are designed to boost and maintain internet connections in local libraries.

University of Kentucky revamps endowment-payout formula

In an effort to stabilize its budgeting over the long term, the University of Kentucky will alter its endowment payout formula, reducing to 4.25 percent from 4.5 percent the amount withdrawn to fund professorships, scholarships and fellowships, The Lexington Herald-Leader reported Dec. 2 (see University of Kentucky story). The percentage will be based on a five-year rolling average of its endowment value.

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