Harvard Taps Oil-Industry Veteran for Top Finance Post
Thomas Hollister, who served for seven years as operations and finance head for oil distributor Global Partners, will become chief financial officer at Harvard University, a locus of climate activists’ efforts to promote institutional divestment from fossil-fuel industries, Bloomberg reports.
Book Links Clinton Foundation Gifts to Russian Uranium Deal
The State Department under Hillary Clinton’s watch signed off on Russia’s acquisition of a major uranium producer whose leader donated more than $2 million to the Clinton Foundation, a tie disclosed in a new book on the Clinton family’s financial dealings, The New York Times and The Wall Street Journal report.
Clinton Groups to Refile Tax Returns to Fix Reporting Errors
The Clinton Foundation and a subsidiary charity will revise at least five recent tax returns to correct errors in the their reporting of contributions from governments, including under- or overreporting donations by millions of dollars, Reuters writes.
Calif. Hospital Chain Cuts 280 Jobs After Scotched Sale
Catholic health system Daughters of Charity is eliminating about 4 percent of its 7,000-strong work force following the collapse last month of its proposed acquisition by a for-profit hospital network, San Francisco Business Times writes.
National Actors’ Union Sets Minimum Wage for Small L.A. Stages
Los Angeles theaters with fewer than 100 seats will have to begin paying at least $9 an hour to performers for any work they do on a production under a minimum-wage policy approved this week by the Actors’ Equity Association, the Los Angeles Times reports.
Asset Gap Widens Between Wealthy Universities and Others
Moody’s Investors Service found that assets at the top 40 richest universities grew by 50 percent from fiscal years 2009 to 2014, The Wall Street Journal reports.
Donor-Advised Funds Expected to Face Growing Challenges on ‘Orphan’ Funds
Critics want money that donors leave behind when they die to go to charity rather than staying in investment funds.
By Alex Daniels
Contributor
Ex-Mass. Gov. Patrick to Head Bain Impact-Investing Unit
Private-equity firm Bain Capital has hired former Massachusetts Gov. Deval Patrick to head up a new division that aims to raise money for investments in companies pursuing social goals as well as profits, The Wall Street Journal reports.
Walton Family to Boost Giving Via Sale of Walmart Stock
The family behind Walmart is putting 6 percent of its shares in the retail behemoth into a newly formed trust for possible sale, in part to finance greater philanthropic activity, Reuters reports.
Big Charities Court Young Donors With Bitcoin Fundraising
Seeking a foothold with younger, digitally minded donors, more major nonprofits are accepting gifts in Bitcoin and promoting their friendliness with the virtual currency, The Wall Street Journal writes as part of a set of “Journal Reports” articles on philanthropy.
Moroccan Firm Largely Funding Clinton Foundation Meeting
The Clinton Foundation, which has drawn fire for taking big donations from foreign interests as Hillary Clinton may be gearing up to run for president, is set to receive at least $1 million from a company with links to the Moroccan government for a conference in Marrakech next month, according to Politico.
Opinion: Inquiry Into Risky Financial Moves Sends a Message to Nonprofits
New York State Attorney General Eric Schneiderman’s investigation of prestigious private college Cooper Union reflects a regulatory strategy of “stress testing” organizations showing signs of fiscal trouble and should set off “a ringing alarm for nonprofit boards,” New York Times financial columnist James B. Stewart writes.
L.A. Move to Hike Minimum Wage Raises Fears for Nonprofits
A proposal that could raise the city’s minimum wage by up to 69 percent is sparking concerns among social-service charities that it would price them out of labor market unless they get a boost in government funding, the Los Angeles Times writes.
Suit Claims AIDS Charity Bilked $20 Million in Federal Funds
Three former managers with the AIDS Healthcare Foundation have filed a federal whistle-blower complaint alleging the organization, one of the nation’s biggest providers of HIV and AIDS care, engaged in a $20 million scam to boost Medicare and Medicaid payments, the Associated Press reports.
Charity Says N.Y. Heir Squandered Millions Meant for Bequest
United Jewish Appeal is suing over the distribution of a late Manhattan property mogul’s fortune, claiming an heir went on a $3.5 million spending spree with money intended for the charity, writes the New York Post.
Security Nonprofit Reveals Little While Advising Jewish Groups
The Jewish Daily Forward examines the history and workings of the Secure Community Network, a nonprofit that works with U.S. Jewish organizations on security matters and is laying plans to offer its services internationally.