University of Virginia’s Business School Receives $60-Million
A retired communications executive has given $60-million to the University of Virginia, in Charlottesville, for the Darden Graduate School of Business Administration. The amount is the largest ever given to a business school, according to The Chronicle of Higher Education. The gift also pushes the…
By C. Quinn Hanchette
Contributor
$75-Million Donated To New York Medical School
The Mount Sinai School of Medicine, in New York, has received $75-million from the Frederick and Sharon Klingenstein Fund. Mr. Klingenstein, a financier and investment adviser, served on the school’s Boards of Trustees for nearly three decades. He and his family directed $50-million to establish a…
By C. Quinn Hanchette
Contributor
Big Southeastern Foundations Created in the 1980s and 1990s
ALSO SEE: Foundation Assets Rise Sharply in Southeast, but Giving Stays Relatively Low, Report Finds Year created Assets Grants Freedom Forum (Arlington, Va.) 1991 $901,259,007 $48,435,166 Walton Family Foundation (Bentonville, Ark.) 1987 $273,158,085 $23,480,979 Turner Foundation (Atlanta) 1990…
Growth of Southeastern Foundations’ Assets
ALSO SEE: Foundation Assets Rise Sharply in Southeast, but Giving Stays Relatively Low, Report Finds Assets 1975 1997 Percentage change Southeast Alabama $60,357,000 $1,266,587,000 1,998.5% Arkansas $26,206,000 $1,045,936,000 3,891.2% Florida $343,709,000 $8,063,405,000 2,246.0% Georgia…
IRS Appoints Top Official for Tax-Exempt Groups
The I.R.S. has named Steve Miller as the first director of its new Exempt Organizations office. The office will be part of the agency’s Tax Exempt and Government Entities Division, which the I.R.S. is creating this month. Mr. Miller, who has been Acting Assistant Commissioner for Employee Plans and…
By GRANT WILLIAMS
Contributor
‘Split-Dollar’ Legislation Passed by Congress
The House and Senate have approved legislation that will effectively abolish a controversial giving technique in which charities and donors divide the proceeds of life-insurance policies purchased with tax-deductible contributions. President Clinton was expected to sign the legislation, which was…
By GRANT WILLIAMS
Contributor
$83-Million in Fines for Excessive Compensation
The Internal Revenue Service has assessed more than $83-million in fines on companies and people with close ties to non-profit organizations because they received what the I.R.S. calls excessive compensation. What’s more, the revenue service has revoked the tax exemptions of three charities…
By GRANT WILLIAMS
Contributor
The following awards have been presented for work in philanthropy, fund raising, volunteerism, and non-profit management: Associations. The American Society of Association Executives (Washington) has announced the recipients of its 1999 Keystone Awards for Excellence in Membership, which recognize…
‘Vanity Fair’: Cashing Out Early and Giving Back
A “new subculture” of entrepreneurial philanthropy has sprung up on the West Coast as thousands of Microsoft and other high-technology workers have cashed out their stock options while still in their 30s and 40s, says Vanity Fair (December). Unlike in New York, where the wealthy from Wall Street…
By Jennifer Moore
Contributor
Heading the Gates Funds: Profiles of 2 Leaders
As Microsoft founder Bill Gates and his wife, Melinda, promise to continue pouring billions of dollars into their foundation -- now the largest in the nation with over $17-billion -- two magazines focus their attention on the people responsible for overseeing that money. * In an article titled…
By MARINA DUNDJERSKI
Contributor