Knight to invest in community foundations…

Nonprofit news roundup 

Knight to invest in community foundations

Over the next seven years, the John S. and James L. Knight Foundation will invest $70 million in local community foundations serving areas where the Knight brothers owned newspapers, The Miami Herald reported Jan. 8 (see Knight Foundation story). The funds will span foundations serving more than two dozen cities and towns.

D.C.-area Jewish federation revamps investment rules

In the wake of losing $4.35 million in Bernard Madoff’s investing scheme, the Jewish Federation of Greater Washington has revised the operating procedures for its endowment, The Washington Post reported Jan. 8 (see Jewish Federation story). The charity instituted term limits for its volunteer money managers, a third of its investment committee managers now must have financial expertise, and a staff member has been assigned to monitor compliance with the new rules.

Gates education exec to head Arizona Community Foundation

Steven Seleznow, deputy program director for education at the Bill & Melinda Gates Foundation, will leave his post to become president and CEO of the $450 million Arizona Community Foundation effective March 1, The Arizona Republic reported Jan. 7 (see Seleznow story).

Former Lilly Foundation exec to head Indiana museum

Thomas King, the former president of the Eli Lilly and Co. Foundation, has been named interim president and CEO of the Indiana State Museum, IndyStar reported Jan. 7 (see Lilly Foundation story). He currently is president of Thomas A. King Consulting and previously served as president of the Indianapolis Chamber of Commerce.

Soon-to-be-ex of casino billionaire to focus on charity

With their second divorce in process, Elaine Wynn, the wife of casino billionaire Steve Wynn and national chair of Communities in Schools, plans to devote all her time to charity work, The Associated Press reported Jan. 7 (see Elaine Wynn story). As part of the divorce settlement, she will receive half the shares in casino operator Wynn Resorts Ltd.

‘Ultrawealthy’ increasingly seek help of wealth counselors

The “ultrawealthy” in the U.S. increasingly are turning to one of the nation’s estimated 200 to 500 wealth counselors for advice on “children, parents, spouses, values visions and souls,” The Wall Street Journal reported Jan. 7 (see wealth advisors story). A major focus of these relationships is to give “purpose” to the philanthropy of the extremely wealthy.

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