Falling Out Over Fundraising Wracks Small Pa. College
Mansfield University of Pennsylvania has moved to cut ties with its nonprofit fundraising arm amid an acrimonious dispute over giving, deficits, and donor disclosure, The Philadelphia Inquirer writes.
Road to Hershey Trust Deal Paved With ‘Toxic’ Board Battles
A New York Times business column traces the web of financial deals and board disputes that brought on last week’s agreement with Pennsylvania regulators to reform governance at the $12 billion charity that controls the Hershey Company.
Walters Art Museum Adds Investing to Diversity Push
The Baltimore institution is bringing its endowment into a larger diversity effort, hiring four minority- or women-owned financial firms to manage portions of its $116 million portfolio, reports The Baltimore Sun.
Donors Offer $70 Million for Mich. City to Create Foundation
Kalamazoo officials are moving forward with a proposal to take a page from philanthropy to close the city’s budget deficit, cut taxes, and fund long-delayed projects, the Kalamazoo Gazette reports.
Nonprofits and Mass. Towns Tussle Over Tax Proposal
The Boston Globe looks at the battle between charities and local governments in Massachusetts over a state bill that would assess levies on some nonprofit-owned real estate.
‘Ice Bucket Challenge’ Credited for Major ALS Discovery
Money raised through the viral fundraiser that swept the internet two years ago contributed to the identification of a gene that scientists have linked to diagnoses of amyotrophic lateral sclerosis, The New York Times and The Christian Science Monitor report.
Chicago’s Jackson Park to Be Home of Obama Library
The $500 million center will sit between Lake Michigan and the University of Chicago in the historic South Side park, the Chicago Tribune and the Associated Press write, citing sources familiar with the selection process.
Clinton Foundation Donors Said to Be Irked by Lack of DNC Access
Big contributors to the Bill, Hillary, and Chelsea Clinton Foundation are griping that their gifts to the charity aren’t getting them admitted to exclusive events at the Democratic National Convention put on for major campaign donors, according to The Huffington Post.
Nonprofit N.Y. Circus to End Holiday Shows as Giving Slides
The Big Apple Circus, which gave away tens of thousands of tickets a year for performances in a tent behind Lincoln Center, is folding its big top after falling well short of an emergency fundraising goal, Bloomberg and The New York Times write.
Fraud Concerns Prompt U.S. to Freeze Some Syria Aid Contracts
The government has put more than $200 million in contracts for humanitarian aid to Syria on hold amid fears that corruption is draining money from relief efforts, reports The Washington Post.
Fisk U. Art Sales Open Window Into ‘Deaccessioning’ Debate
The New York Times looks at sales of donated works by Nashville’s Fisk University in light of the larger debate in the museum world over art sales by financially struggling institutions.
Nonprofit Opens a Financial Pipeline for Women-Led Social Ventures
Seeded with a $1 million challenge gift, the effort by RSF Social Finance will mix loans, grants, and investment to help create “a more inclusive economy.”
By Rebecca Koenig
Contributor
Powerful CEO and Patron Out at San Francisco Art Museums
Bay Area philanthropist Diane “Dede” Wilsey, long a fixture in the leadership of the Fine Arts Museums of San Francisco, is stepping down as the institution’s chief executive and board chair in the wake of a $2 million payout to a would-be whistle-blower, the San Francisco Chronicle writes.
Hershey Trust Board Reaches Pact With Pa. Regulators
Trustees of the $12 billion charity that owns Hershey Co. have reached an unofficial agreement with the Pennsylvania attorney general’s office that could settle a long-running governance dispute and head off a court battle, Reuters reports.
Opinion: Rich Donors Drive Museums to Make Costly Expansions
A New York Times opinion piece argues that wealthy donors are driving museum operators to expand in ways that are unsustainable, citing the recent financial troubles at the Metropolitan Museum of Art as an example of a large cultural institution taking on projects it can hardly afford in order to woo supporters.
Financial Questions Trailed Ousted Calif. Foundation Head
The abrupt exit last month of the chief executive of the Central Valley Community Foundation came as financial issues about his prior tenure at another California community grant maker came to light, writes The Fresno Bee.