Charity Cashes in on Brooklyn Property Boom With Office Deal
Taking advantage of the borough’s soaring real-estate market, Brooklyn Community Services has cut a deal with a developer for a conversion of its 88-year-old building that will likely bring the group millions of dollars, reports The Wall Street Journal.
How One Nonprofit Creates Streamlined One-Page Budgets for Grant Proposals
Big Brothers Big Sisters of Mid-Maine explains what it takes to produce their operating and program budgets.
By Eden Stiffman
Senior Editor
Burning Man Becomes Unlikely Leader in Financial Transparency
The organization is known for its freewheeling parties in the desert, so nobody would have expected its reporting to be a model for all nonprofits.
By Brian Mittendorf
Contributor
Nonprofit Calif. College Adopts ‘Benefit Corporation’ Model
Heralding a potential new third way between nonprofit and for-profit education, Alliant International University in California has become a public benefit corporation, embracing the emerging model of businesses beholden to social aims as well as the bottom line, Inside Higher Ed reports.
Surfeit of Customers Helped Doom Nonprofit Health Co-Op
Nonprofit health insurer CoOportunity Health, formed in 2013 under the Affordable Care Act and now in liquidation after running out of cash, may have been financially undone by its success in drawing far more clients than anticipated, engendering much higher treatment costs, according to The New York Times.
Maine Summer Camps Sound Alarm on Plan to Tax Nonprofits
Leaders of Maine summer camps say Gov. Paul LePage’s proposal to allow cities and towns to tax large nonprofits—a measure aimed primarily at hospitals and universities—will force dozens of seasonal facilities that own waterfront property to pare down programs or fold up their tents, the Sun Journal of Lewiston, Me., writes.
Study Makes Case for Endowments to Stick With Fossil Fuels
A new report on fossil-fuel stocks’ performance asserts that colleges and universities could damage their endowments by heeding the growing call to divest from coal, oil, and gas, The New York Times reports.
Ex-Head of Ala. Health Charity Accused of $14-Million Fraud
The former CEO of a Birmingham, Ala., nonprofit whose mission is providing health care to the poor and homeless, has been charged with diverting millions of dollars in federal grant funds, property, and other assets for private gain, The Birmingham News reports.
College Endowments Grow Bearish on Alternative Investments
Major college and university investment funds are trimming their reliance on alternative assets like hedge funds and private equity, retreating from a strategy that got the financial world’s attention by drawing big gains before the recession, according to Financial Times.
Philadelphia Schools Group Pledges $35-Million for More Charters
The nonprofit Philadelphia School Partnership says it wants to “take cost off the table” as city education officials weigh applications for new charters that could enroll up to 15,000 students, The Philadelphia Inquirer writes.
Lawyer Admits $2-Million Theft From Nonprofit N.Y. Cemetery
Timothy Griffin faces up to nine years in prison after pleading guilty Wednesday to embezzling from a nonprofit Staten Island graveyard during his tenure as its acting president, Lower Hudson Valley daily The Journal News reports.
Navy Spouse Gets 18 Months for Theft From SEAL Charity
The wife of a Navy SEAL was sentenced Monday for embezzling as much as $170,000 from a nonprofit that assists members of the elite unit and their families, The Virginian-Pilot reports.
New House Oversight Chair Eyes NFL’s Nonprofit Status
Rep. Jason Chaffetz called the Super Bowl evidence that the National Football League is a “for-profit venture” and said he intends to call Commissioner Roger Goodell to testify on the league’s tax-exempt status, CNN and UPI report.
Obama Aims to Close Tax Loophole on College-Sports Gifts
The president’s budget plan calls for ending a tax break for donors who give to college athletics programs to secure the best seats at big games, Reuters and Bloomberg report.
Police Pin Pa. Charity Official’s Murder on Theft Suspicion
Philadelphia police have arrested an employee at a youth nonprofit accused of murdering a co-worker who planned to report his alleged misappropriation of tens of thousands of dollars from the charity, The Philadelphia Inquirer reports.
Wealthy Donors Fuel Giving Boom for Major-College Sports
Athletic departments at major colleges collected a record $1.26-billion in donations last year, more than double the total a decade ago, The Chronicle of Higher Education writes, citing the Council for Aid to Education’s annual review of college and university giving.