Philanthropy and government join forces
Increasingly, government agencies and philanthropists are willing to work together to leverage the dollars and impact of both parties, Dow Jones reported Dec. 21 (see philanthropy government partnerships story). Beginning this summer, the Corporation for National and Community Service will funnel grants from the $50 million Social Innovation Fund to existing grantmakers to pass on to innovative nonprofits.
Stevens Institute sued by New Jersey
The attorney general for New Jersey has sued the Stevens Institute of Technology and its president, charging him with “plundering” the institute’s endowment and taking $1.8 million in personal loans, half of which later were forgiven, The New York Times reported Dec. 21 (see Stevens Institute story). While the school’s trustees tripled the president’s salary over 10 years, he worked to “hide his deteriorating financial condition.”
Skills-based volunteering a win-win
Allowing employees to donate their professional skills to nonprofits can boost employee satisfaction, build a company’s community goodwill and provide vital services for cash-strapped charities, The Chicago Tribune reported Dec. 21 (see skills-based volunteering story). Skills-based volunteering may become more popular now that the economic downturn has hampered corporations’ ability to donate cash.
Nonprofit CEO salaries grew as downturn built
Even though the economy in general, and nonprofits specifically, had begun to struggle financially, salaries for nonprofit CEOs continued to rise from 2007 to 2008, WCVB TV Boston reported Dec. 21 (see charity salaries story). Raises for CEOs for the fiscal year ranged from 7 percent to 85 percent among charities investigated by the station.