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.
Maryland Lawmakers OK State Funds for Private Schools
After a 10-year legislative battle over taxpayer support for nonpublic schools, Maryland’s legislature approved a state budget Tuesday that includes a new $5 million grant fund for private-school scholarships, The Washington Post reports.
Wall St. Scion Accused of Stealing $25 Million From Charity
Prosecutors allege Andrew Caspersen, a former managing partner at a private-equity firm, schemed to defraud investors of $95 million, more than a quarter of it from an unnamed charitable organization, The Wall Street Journal and Bloomberg report.
A Grass-Roots Fundraiser Fights GOP Front-Runner
A spontaneous Twitter donation drive prompts more giving to left-leaning groups following a Donald Trump speech.
By Timothy Sandoval
Contributor
Guilty Plea for Man Accused of Defrauding Sandy Hook Charity
Robert Bruce was accused of misappropriating about $73,000 from a runners charity he established to help victims of the Newtown, Conn., mass shooting, writes the Associated Press.
Supreme Court Appears Split on Contraceptive Mandate
Justice Anthony Kennedy, the key swing vote in the case brought by faith-based nonprofits against the Affordable Care Act’s provision on birth-control coverage for employees, seemed to agree during oral arguments Wednesday that the rule impinges on their religious liberty, The Washington Post reports.