Philadelphia Orchestra Players OK Deal, but for Just One Year
Musicians approved a new contract Monday, but the unusual deal — the first since the orchestra emerged from bankruptcy in 2012 — lasts only 12 months and appears to have been adopted with reservations, reports The Philadelphia Inquirer.
Seeking Billions, N.Y. Arts Groups Rev Fundraising Engines
With 16 New York City cultural institutions engaged in campaigns to collect $3.47 billion for expansions and renovations, The New York Times looks at the art and practice of big-league fundraising, and whether the donor pool is deep enough to support so many big-dollar drives.
Nonprofit Kentucky Insurer Is Latest Co-op Casualty
The Kentucky Health Cooperative will stop offering insurance plans at the end of the year, becoming the fifth of 23 nonprofit providers set up with federal aid under the Affordable Care Act to shut down, The Courier-Journal in Louisville and Becker’s Hospital Review report.
Notre Dame Alumni Give $20 Million for Investment Institute
The donation from 1996 graduates James Parsons, a financier, and Carrie Quinn, a pediatrician, will endow a center for investment and managing at the university’s Mendoza College of Business, the South Bend Tribune reports.
Ex-Head of Maine Charity Gets 4 Years for $4.6-Million Theft
Russell “Rusty” Brace was also ordered to repay United Mid-Coast Charities the money he embezzled throughout a 15-year tenure as president of the Camden, Me., nonprofit, the Portland Press Herald reports.
Impact Investments Don’t Have to Sacrifice Financial Return, Says Study
A new examination of more than 550 investments finds social-purpose companies perform comparably to the markets.
By NICOLE WALLACE
Features Editor
U.N. to Audit Deals With Foundations Tied to Bribery Inquiry
Secretary General Ban Ki-moon has ordered an internal review of United Nations interactions with two nonprofits linked to a U.S. corruption investigation that led to the arrest this week of a former General Assembly president, Reuters and The New York Times report.
Longtime Carnegie Hall Trustee Named Acting Board Chair
Mercedes T. Bass, an arts patron who has served on the Carnegie Hall board since 1989, was elected Thursday to temporarily succeed Ronald O. Perelman, who stepped down after a stormy eight-month tenure as chairman, The New York Times reports.
$341-Million Bond Sale Backs Motion Picture Academy Museum
The Academy of Motion Picture Arts and Sciences’ offering will help finance construction of the nonprofit’s planned museum of cinema in Los Angeles, Reuters and The Hollywood Reporter write.
AARP Foundation Launches Impact-Investing Program
The philanthropic arm of the advocacy group seeks $70 million for projects aimed at helping older Americans.
By Alex Daniels
Contributor
$20-Million Bequest Creates Charity Fund at Va. Foundation
A retired tobacco executive has left $20 million to the Community Foundation Serving Richmond and Central Virginia to establish a fund supporting a host of community groups and initiatives in the region, writes the Richmond Times-Dispatch.
Swelling College Endowments Draw Scrutiny on Capitol Hill
A New York congressman is drafting legislation that would require institutions of higher learning to steer a portion of their investment earnings into tuition relief as a condition of maintaining their endowments’ tax-free status, Bloomberg Business reports.
Utah Preschool Program Yields First ‘Pay for Success’ Payout
Goldman Sachs will reap financial gains for funding a Utah program that showed positive results in keeping kids out of special education. It is the first time a U.S. social-impact bond has paid off for the investor, The New York Times writes.
Schwab Report Shows Where Donors Gave $1 Billion in Fiscal 2015
The donor-advised fund’s first giving report shows that on average donors gave 20 percent of their assets over the past five years.
By Alex Daniels
Contributor
Pa. Charities Face Crunch as State Budget Fight Stretches On
With Pennsylvania’s budget impasse now in its fourth month, state-funded social-service groups are bracing for a cash crisis that could soon force many to curtail or suspend programs, writes the Pittsburgh Post-Gazette.
City Opera Creditors Back Plan to Revive Moribund Company
One of two groups competing to reorganize the bankrupt New York City Opera has won the crucial backing of the entities owed millions of dollars by the arts organization, The New York Times writes.