Nonprofit news roundup May 26, 2009

May 26, 2009

Citing an investigation into "allegations of copyright infringement and plagiarism," the foundation that supports the endowment for Heifer International accepted the resignation of its CEO, the Arkansas Democrat-Gazette reported May 22 (see Heifer foundation story). The foundation's board and Janet Ginn, CEO and president for 7½ years, mutually agreed she should leave the organization.

In the face of the recession and declines in the capital markets, givers are reassessing their giving, with many individuals supporting only groups they have supported in the past rather than giving to new organizations, or making smaller gifts or none at all, and some corporations halting or shrinking or matching-gift programs, The Wall Street Journal reported May 24 (see recession giving story).

With assets totaling nearly $2 billion, Utah-based foundations traditionally used endowment earnings on those assets to contribute roughly $130 million a year to programs in the state, a total experts say could fall by half fall by half because of the recession, the Associated Press reported May 25 (see Utah nonprofits story).

The endowment at Yale University, which in six months fell 25 percent to $17 billion in December, produced an average annual return of 16.3 percent in the 10 years ended June 30, compared with 13.8 percent for Harvard's endowment, which fell 22 percent in six months to $28.8 billion in December, Bloomberg reported May 23 (see Yale endowment story). Yale boosted its endowment returns by reducing its holdings of stocks and bonds and buying more real estate, private equity and hedge funds, a strategy that has been copied by endowment managers across the U.S.

Research shows most Britons would approve of their parents making a gift to charity in their will after providing for friends and family, Press Association reported May 25 (see British charity story).

• Email this page