Nonprofit Leader Allegedly Attacked in Embezzlement Cover-Up
A New York City charity’s former bookkeeper was indicted Tuesday for what authorities allege was a $750,000 theft and a chemical attack on the organization’s leader aimed at heading off discovery of the scam, reports The New York Times.
Miami Officials OK $49 Million Bailout for Science Museum
The loan, approved Tuesday by Miami-Dade County commissioners, is aimed at helping the Frost Museum of Science complete construction of a $305 million downtown building, a project held up by a dearth of private fundraising, the Miami Herald reports.
Calif. Man Gets 57 Months for $4 Million Nonprofit Fraud
Accountant Donald Gridiron was sentenced Tuesday to nearly five years in prison for stealing millions of dollars from a New Jersey megachurch and a California golf charity to feed a gambling habit, NJ Advance Media reports.
Colleges Defend Endowment Tax Break in Letters to Congress
In written responses to a Congressional inquiry into higher-education finances, the country’s wealthiest private universities characterized their tax-exempt status as crucial to their academic and research missions and campus upkeep, Bloomberg writes.
India’s Corporate-Giving Law Raises Money but Also Questions
Direct corporate philanthropy has spiked since the country enacted a law two years ago requiring large companies to donate at least 2 percent of their net profits to charity, but the rise has been accompanied by allegations of skewed giving and corruption, The Guardian writes.
As Conn. Mulls Endowment Tax, Fla. Invites Yale to Relocate
With Connecticut lawmakers considering a proposal to tax some investment profits on the university’s $26.5 billion endowment, Florida Gov. Rick Scott is beckoning the venerable New Haven institution to move south, reports The Washington Post.
Tenants Ousted Before N.Y. Habitat for Humanity Bought Buildings
A New York affiliate of nonprofit group paid developers millions of dollars in federal stimulus money for apartment buildings after low-income residents were pushed out of the properties, according to an investigation by ProPublica.
Seattle Charity Says Debt Forcing Shutdown of Shelters
Seattle Housing and Resource Effort, known as Share, said it is some $70,000 in the red and needs additional city and King County funding to keep operating its 15 overnight shelters, The Seattle Times and local weekly The Stranger report.
For Calif. Nonprofits, Advocacy Work on $15 Minimum Wage Pays Off
The wage hike will have profound effects on charities’ bottom lines, but phasing it in over several years buys groups time to adjust budgets and communicate with donors.
By Megan O’Neil
Contributor
Sham Cancer Groups Agree to Dissolve in Federal Settlement
The Cancer Fund of America and Cancer Support Services were accused by the Federal Trade Commission and attorneys general from all 50 states of misusing tens of millions of dollars raised through deceptive solicitations, writes The Washington Post.
Charities Say Cautious Banks Hindering Syrian Refugee Aid
Regulatory crackdowns on potential terrorism-funding channels are restricting humanitarian groups’ ability to get help to refugees and others affected by conflicts in the Middle East, The Wall Street Journal writes.
Nonprofit Associated With McCain Got $1 Million Saudi Gift
Ethics watchdog Public Citizen says the donation from Riyadh to a policy institute with ties to the Arizona senator reflects a trend exacerbated by the Clinton Foundation’s fundraising from foreign governments, Bloomberg writes.
Fewer Groups Got Charity Status in 2015, but Numbers Still High
The agency approved 86,915 organizations for 501(c)(3) tax exemptions last year, bringing the total number of recognized charities to nearly 1.2 million.
By Alex Daniels
Senior Editor, Foundations
Now or Forever: Rethinking Foundation Life Spans
Philanthropists, Congress, and the courts have all weighed in on whether grant makers should spend down their assets or continue in perpetuity, but it’s time to take a closer look.
By Rob Reich and Ray D. Madoff
High Court Appears to Seek 3rd Way in Contraceptive Case
The Supreme Court seemed to open the door Tuesday to a compromise ruling in the charged legal fight between the White House and religious nonprofits over the Affordable Care Act’s contraceptive mandate, issuing an order for new briefs from both sides, reports the Associated Press.
Fund Chief’s Charity Says It Was Victim of $25 Million Fraud
Finance billionaire Louis Bacon’s Moore Charitable Foundation said Tuesday that it was the charity allegedly victimized in what authorities say was an investment fraud orchestrated by another Wall Street executive, The New York Times reports.