Buffett’s donation to Gates Foundation jumps
Warren Buffett’s Berkshire Hathaway stock closed higher this year, meaning the billionaire’s annual donation to the Bill & Melinda Gates Foundation should be worth about $1.62 billion this year, up from $1.25 billion last year, The Wall Street Journal reported July 1 (see Buffett donation story).
New York State could allow tapping of ‘underwater’ endowments
A bill before the New York State Legislature would allow nonprofits whose endowments are “underwater,” or worth less than their original purchase price, to spend from those endowments without first obtaining court approval, The Wall Street Journal reported June 30 (see nonprofit endowments story). Many museums and universities find themselves with underwater endowments in the wake of the stock market collapse of 2008.
Indian tycoon to donate $125 million to education foundation
Indian technology tycoon Shiv Nadar will donate about $125 million to the education-focused Shiv Nadar Foundation, a move that places him among India’s top philanthropists, Naazneen Karmali wrote in a blog in Forbes June 27 (see technology billionaire story). Last year the foundation began creating schools for poor, rural children and now is creating a university in North India.