Nonprofit news roundup for July 7, 2009

July 7, 2009

President Lee Myung-bak, a former Hyundai executive, will donate $26 million, most of his personal fortune, to create a scholarship fund to help close a growing gap between rich and poor South Koreans, The New York Times reported July 6 (see Korean leader's gift story).

British financier Chris Hohn, best known for his aggressive investment tactics, last year donated 499.3 million British pounds, or $810.7 million, to a foundation, run by his wife, that supports children's projects for children in the developing world, bringing his total giving in only four years to 1.1 billion British pounds, or $1.8 billion, the Telegraph reported July 4 (see hedge-fund gift story).

Warren Buffett donated $1.25 billion in Berkshire Hathaway stock to the Bill & Melinda Gates Foundation, marking the third installment in his plan to transfer most his wealth to the Seattle-based foundation, which has a $2.75 billion endowment, the world's largest, the Associated Press reported July 3 (see Buffett gift story).

The endowment pool at the University of Virginia posted its third straight month of positive returns in May, helping to increase its balance to over $4 billion for the first time in months, The Daily Progress in Charlottesville, Va., reported July 3 (see Virginia endowment story).

While the recession has hurt endowments at the University of Kansas and Kansas State University, the state's two biggest public universities, alumni continue to give to the two schools, the Associated Press reported July 5 (see Kansas universities fundraising story).

The admissions system at the University of Illinois is subject to outside influence, with donors to athletic programs at the school trying to use the prestige of its athletic department to give applicants they know an advantage in applying for admission, the Chicago Tribune reported July 5 (see athletic donors story).

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