Category Archives: News-updates

Moody’s Sees More Fiscal Struggle for Nonprofit Hospitals

Nonprofit hospitals had their worst financial showing since the Great Recession last year as expenses rose at a faster clip than revenues, The New York Times writes, citing a new report from Moody’s Investors Service. Hospitals revenues increased by 3.9 percent, compared to 7 percent or more in recent years, according to the credit-rating agency, which analyzed 383 health systems’ 2013 results.

Nonprofit medical centers’ costs have risen at a greater rate than income for the past two years as th…

Harvard Alumni Protest Big Pay Hike for Endowment Managers

A group of Harvard graduates has sent a letter to university President Drew Faust criticizing a huge jump in compensation for managers of the institution’s investment portfolio, Bloomberg reports. Salaries, benefits, and bonuses at the Harvard Management Company, the internal unit that oversees the university’s $32.7-billion endowment, rose from $63.5-million in 2010 to $132.8-million last year, according to tax filings.

The nine signatories, members of the class of 1969 who have previously crit…

S.C. University Wants Foundation to Pay for President Search

Winthrop University trustees will seek to have the Rock Hill, S.C., school’s nonprofit fundraising arm to cover the cost of finding a new campus president, The Herald of Rock Hill writes. The board voted unanimously on Monday to enter talks with the Winthrop University Foundation about footing the bill for the search, which could cost up to $150,000.

Jamie Comstock Williamson, hired as Winthrop’s president in February 2013 after a university-funded search, was fired less than a year after taking…

In Apparent First, Bitcoin Fundraising Group Is Now a Charity

A California organization that aims to raise money in digital currency for environmental and public-health causes, has been designated a nonprofit by the Internal Revenue Service, the Sacramento Business Journal writes. Officials with the BitGive Foundation say it is the first bitcoin-based entity to secure charity status.

Launched last year, the Sacramento-based group has raised money for Typhoon Haiyan relief and the Water Project, which works to provide clean and safe water in Africa. It acce…

Lack of Pay a Growing Challenge for Nonprofit Interns

Recent college graduates looking to start a career in the nonprofit world are increasingly finding themselves squeezed by organizations’ insistence that they bring internship experience and groups’ unwillingness to pay for same, according to Al Jazeera America.

Fifty-seven percent of internships at nonprofits are unpaid, compared to 48 percent at government offices and 34 percent in business, a 2010 study found. Charitable organizations have more legal leeway to offer unpaid work than other type…

Pa. Capital’s Treasurer Accused of Theft From Nonprofit

The elected treasurer of Harrisburg, Pa., was charged Tuesday with embezzling from a charity he ran until earlier this year, Reuters reports. Prosecutors said John Campbell, 26, stole nearly $8,500 from the Historic Harrisburg Association, writing himself checks from an account that held donations from the public to repair city streetlights, and used the money to pay medical bills and student-loan debt.

Mr. Campbell, who was elected to the part-time treasurer’s post in 2011, left the association…

Texas Christian Alumnus Gives $30-Million for Business School

Nashville businessman Spencer Hays and his wife, Marlene, donated $30-million Tuesday toward an expansion of Texas Christian University’s Neeley School of Business, the Star-Telegram of Fort Worth reports. The gift is the first in a $100-million drive by the university to finance the project.

The Neeley expansion calls for integrating new buildings with existing facilities to create a U-shaped complex incorporating offices, an auditorium, classrooms designed to facilitate collaborative learning,…

Estée Lauder Breast-Cancer Campaign Gets Digital Focus

The Estée Lauder Companies is changing its annual breast-cancer-awareness campaign to a year-round effort, with greater emphasis on social media and digital outreach, writes The New York Times. The new campaign approach, which will feature documentary-style online videos and include a hashtag on all print advertising, reflects ”this modern era of connectedness,” said William P. Lauder, executive chairman of the cosmetics firm.

The changes reflect how charities and their supporters are looking to…

U.S. Tennis Association Board Members Reap Financial Gains

Businesses and organizations affiliated with United States Tennis Association board members have received hundreds of thousands of dollars in grants and contracts from the sporting body that organizes the U.S. Open, according to The New York Times.

Among other examples listed by the Times, the USTA — a tax-exempt 501(c)(6) organization like the NFL — paid nearly $2.8-million in 2012 to Tennis Media Company, owned by board member Jeff Williams. A Maryland tennis center whose chief executive als…

Nonprofit Start-Up Zidisha Aims to Take Microfinance Online

A microfinance nonprofit has secured Silicon Valley funding by offering small, poverty-fighting loans through a peer-to-peer online platform rather than using traditional finance tools, writes The Wall Street Journal. After the start-up incubator Y Combinator began accepting nonprofits last year,  Zidisha participated in the program and has since raised about $234,000 in donations from the tech community.

Zidisha has brokered more than $1-million in loans to thousands of mostly African micro-ent…