Lawyer for Scarred Charity Leader Details Chemical Attack
The run-up to and aftermath of an assault with caustic drain cleaner that badly burned the executive director of a New York arts nonprofit are recounted in a New York Times article drawn largely from an interview with the victim’s lawyer.
$470 Million Cancer Fund Called Largest Impact Investment
A UBS Group executive said the global bank’s Oncology Impact Fund to back development of new cancer drugs is a “milestone” in the burgeoning field of investments that aim for both financial returns and social outcomes, writes The Wall Street Journal.
D.C. Youth Group That Got Taxpayer Millions Goes Bankrupt
Members of the D.C. Trust board blamed mismanagement and misspending for the shutdown of the nonprofit, which received government funding for after-school and anti-violence programs but has been plagued by scandals and financial trouble, The Washington Post reports.
Many Donor-Advised Funds Don’t Disclose Executive Pay
The top 11 funds affiliated with a commercial entity control more than $30 billion in assets, but seven of them reported no compensation for their leaders, a Chronicle analysis of IRS data has found.
By Peter Olsen-Phillips
Contributor
MacArthur and Chicago Community Trust Back New Fund to Spread Impact Investing
Working with the Calvert Foundation, the groups hope to attract $100 million for projects in Chicago.
By Alex Daniels
Contributor
Barack Obama Foundation Adds Three Board Members
The new additions are major donors to the organization charged with building the planned Obama museum and library and have close ties to the first family, reports the Chicago Sun-Times.
GiveDirectly Co-Founder Touts Plan for Cash Aid to Poor
NPR talks to Michael Faye, co-founder of GiveDirectly, about the charity’s philosophy favoring cash gifts to poor people over traditional aid programs and its ambitious plan to test the concept by providing a basic income to thousands of East Africans over a decade.
IRS Issues Rules Favorable to Foundations on Program-Related Investments
The new regulations are designed to encourage grant makers to make investments in areas such as education and the environment that can result in societal benefits and simultaneously generate income.
By Alex Daniels
Contributor
Opinion: How Buffett’s Giving Could Alter Berkshire’s Future
Warren Buffett’s annual donation of Berkshire Hathaway shares worth billions of dollars to charitable foundations could significantly change his iconic investment firm’s ownership structure and risks undermining its success, two business advisers write in the Harvard Business Review.
N.Y.’s Metropolitan Museum to Trim Staff As Deficit Grows
The art museum said Thursday that job and programming reductions and a slowdown on construction of a new wing are likely as part of a two-year restructuring to address a rising tide of red ink, The New York Times reports.
L.A. Hospital to Pay $450,000 for Alleged Patient Dumping
The settlement agreement arises from city officials’ charge that Good Samaritan Hospital released a homeless man with only a bus token after treating him for a foot injury in late 2014, the Los Angeles Times reports.
David Geffen Gives $100 Million to the Museum of Modern Art
The billionaire art collector’s urestricted gift will go toward expanding and renovating the museum, reports The New York Times.
Judge OKs Deal Creating $265 Million Native American Trust
The federal discrimination settlement approved Wednesday will distribute more than $300 million to nonprofits serving Native American farmers and ranchers, most of it through a new philanthropy, The Washington Post reports.
Heirs Press Suit on Family Foundation’s $600 Million Loss
The Supreme Court of South Dakota is set to hear arguments next week in a case brought by the sons of a late frozen-food magnate against the board of their father’s foundation over its massive losses on offshore property investments, reports the Argus Leader of Sioux Falls.
Federal Officials Warn States on Cutting Off Planned Parenthood Funding
The Obama administration issued a letter to state Medicaid directors Tuesday outlining potential violations of federal law if states halt payments from the health program to Planned Parenthood, The Wall Street Journal reports.
Clintons Gave 11% of Income to Charity in 2014; Sanderses Gave 4%
Bill and Hillary Clinton contributed $3 million of their $28 million in adjusted gross income to nonprofit groups, while Bernie and Jane Sanders donated $8,350 on $205,000 in earnings, according to the Associated Press.