Facebook Stock Move Key to Chan-Zuckerberg Project Gets OK
Facebook investors approved a proposal Monday to create a new class of nonvoting shares that will allow CEO Mark Zuckerberg to retain control of the social-media company while plowing much of his stock into a philanthropic venture, Reuters reports.
‘Fast Accounting’ Can Skew Picture of a Charity’s Finances
Barron’s Penta spotlights types of “accounting chicanery” that nonprofit watchdog groups say can mask excessive fundraising or administrative expenses and that donors should look out for in vetting potential beneficiaries.
Calif. Legislators Craft $2 Billion Plan to House Homeless
Facing a rising tide of homelessness in otherwise booming regions, state lawmakers are putting the finishing touches on a proposal to channel $2 billion into building permanent housing for the homeless, writes the Associated Press.
Top USC Sports Official Paid Big by Small Foundation
Athletic director Pat Haden and two family members have collectively received $2.4 million for board and other positions with a small foundation that gives scholarships to needy students, many of whom attended the university, according to a Los Angeles Times investigation.
3 Leading Met Museum Officials Exit Amid Budget Crunch
The Metropolitan Museum of Art’s first chief digital officer is among those departing as the institution begins a staff winnowing to tackle persistent red ink, reports to The New York Times.
IRS Toothless When It Comes to Policing Nonprofits, Report Says
An independent study released by the agency says a lack of funding, loss of institutional knowledge, and change in strategy are eroding the IRS’s ability to regulate charities.
By Alex Daniels
Contributor
Ex-Twin Cities Charity Head Pleads Guilty to Theft and Fraud
Bill Davis admitted to misusing hundreds of thousands of dollars while serving as chief executive of social-service nonprofit Community Action of Minneapolis, reports the Star Tribune.
Grassley Study Blasts Red Cross on Haiti Spending and Openness
Senator Charles Grassley issued a scathing report Wednesday on the charity’s earthquake response, saying it spent tens of millions of dollars more on internal expenses than it has acknowledged and misled his office about its cooperation with investigators, ProPublica and NPR report.
African Tech Firm Draws Chan-Zuckerberg Fund’s 1st Big Investment
The philanthropic entity established by Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, is leading a $24 million financing round for Andela, a Nigerian company that trains software engineers and places them with major technology firms, according to Quartz.
House Approves Bill to End IRS Donor-Disclosure Mandate
The House of Representatives voted along party lines Tuesday for a Republican-backed proposal to bar the Internal Revenue Service from requiring that nonprofits list $5,000-plus contributors in their annual tax filings, The Wall Street Journal and USA Today report.
Wall St. Scion in Charity-Fraud Case Lays Blame on Gambling
A lawyer for Andrew Caspersen, the former finance executive accused of cheating a Wall Street peer’s foundation of nearly $25 million as part of a larger fraud scheme, said in court Tuesday that his client was driven by a “pathological” gambling addiction, The New York Times reports.
How 3 Groups Are Navigating the Giving Seas
Charities are using creative events, extra hands, and tighter bonds with donors and their advisers to stay strong even if times get tough.
By Eden Stiffman
Senior Editor
Panama Papers Show Nonprofit at Heart of Tax-Haven Debate
The trove of leaked documents detailing a massive network of shell companies used by the world’s wealthy to shield assets also reveals the role of an obscure Washington-area nonprofit in lobbying to protect offshore tax havens from regulation, The Washington Post writes.
Shelters Take Hit as Government Changes Strategy on Homeless
Organizations offering temporary and transitional services for the homeless face the loss of millions of dollars in federal aid as the government shifts grant money to programs that focus on permanent housing solutions, the Associated Press reports.
Charity Highlighted by John Oliver Plans to Forgive $1 Billion in Debt
The nonprofit that teamed with the comedian to retire nearly $15 million in Texas patients’ hospital debt aims to erase at least $1 billion owed by low-income people for medical care, health-news site Stat writes.
Rutgers Drafts Alumni ‘Captains’ to Boost Sluggish Fundraising
Looking to raise $100 million for sports facilities and bolster its last-place ranking among Big Ten schools in alumni giving, Rutgers University is drafting successful former students to spearhead a drive to enlist 10,000 donors, the Asbury Park Press writes.