New Jersey university sued...

September 21, 2009

Stevens Institute of Technology, a New Jersey-based university, is being sued for allegedly mishandling its finances and investments, and over-compensating its president, Bloomberg reported Sept. 18 (see Stevens Institute story). The suit claims the institute "unlawfully invaded permanently-restricted assets," and the school's president received salary and bonuses of $1.09 million in 2008.

The U.S. Court of Appeals ruled that regulations limiting how nonprofits raise and spend money for political campaigns are a violation of free-speech rights, The Washington Post reported Sept. 18 (see nonprofit campaign funds). In the suit brought by Emily's List, a judge ruled that the First Amendment "protects the right of individual citizens to spend unlimited amounts to express their views about policy issues and candidates for office."

An Alabama donor's $63,500 bid was enough to win a dinner with former vice-presidential hopeful Sarah Palin in an online charity auction, The Associated Press reported Sept. 20 (see Palin charity dinner story). Cathy Maples' donation will go to Ride 2 Recovery, which supports wounded veterans through cycling programs.

The ailing nonprofit sector needs to raise money, but there aren't enough fundraisers to fill the openings, and major-gifts officers are particularly scarce, Forbes reported Sept. 18 (see nonprofit hiring story).

Clemson University's endowment fell 23 percent to $331 million in fiscal 2009, while the endowment of the University of South Carolina dropped 13 percent to $382 million, The State reported Sept. 18 (see South Carolina universities story). The schools have lost a combined $156 million over the past two years.

Richard Shadyac, former CEO American Lebanese Syrian Associated Charities, which is the fundraising arm of St. Jude's Children's Research Hospital, died Sept. 16 at age 80, The Memphis Commercial Appeal reported Sept. 17 (see Richard Shadyac story). He served as CEO for 13 years, stepping down in 2005.

In an effort to encourage charitable giving by younger people, giving by cell phone is launching today in Canada, making it possible to donate small amounts and receive a tax receipt, Canadian Press reported Sept. 20 (see mobile giving story). The amount of the donation is included in consumers' cell-phone bills and will not be subject to taxes or fees, says the Canadian Wireless Telecommunications Association.

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