Foundations put strings on pledge to D.C. schools
Private foundations that have pledged $64.5 million to help finance raises and bonuses for teachers in the District of Columbia school system have reserved the right to reconsider their pledge if the leadership of the school system changes, the Washington Post reported April 28 (see foundation funding story).
Goldman Sachs acknowledged risk to Harvard
Goldman Sachs conceded in a February 2007 e-mail that a big trade in complex mortgage-related securities would be “good for us” but bad for several customers, including Harvard University, which lost money on a $500 million derivatives trade, according to emails released by the Senate, The Boston Globe reported April 28 (see Harvard endowment story).
Metropolitan Opera asked donors to lift gift restrictions
The Metropolitan Opera last year took the unusual step of freeing $22 million from its restricted endowment by asking donors to drop regulations on how their donations could be spent, and then used roughly one-third of the funds to help cover operating costs this season, The Wall Street Journal reported April 28 (see Metropolitan Opera story).