philanthropy

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World's Richest People Held Secret Meeting

(Newser) - Warren Buffett, Bill Gates, and David Rockefeller Jr recently convened a top-secret meeting of many of the world’s wealthiest people to discuss the financial crisis, according to an Irish Central report confirmed by ABC News. A total media blackout prevailed during the get-together, which took place May 5 at...

Developer Gives $100M to Habitat For Humanity

(Newser) - Habitat for Humanity has received a $100 million gift from a developer in the largest contribution in the charity’s history, the AP reports. J. Ronald Terwilliger said he hoped the gift would “inspire others to make the commitment to support affordable housing.” Habitat says the money will...

Rich Heirs Boast Money and a Job
 Rich Heirs Boast 
 Money and a Job 
GLOSSIES
May 10, 2009 5:27 PM CDT

Rich Heirs Boast Money and a Job

Having money just isn't enough for many of the world's wealthy youth

(Newser) - Wealthy heirs are dropping their silver spoons and getting down to work, it seems. From the Mondavis to Trumps to sons and daughters of royalty, 38 heirs posing for Vanity Fair this month say they're determined not to rest on family laurels. Some are working hard at the family business...

In Hard Times, Big Donors Don't Flaunt It

Some seek subtlety as neighbors struggle

(Newser) - In hard times, big givers are staying out of the spotlight, the Chronicle of Philanthropy reports. Some 19% of donations of $1 million or more in the past 10 months have been anonymous, compared with 3%-5% over the past 10 years. Donors often stay nameless to keep other charities from...

'Giving-While-Living' Philanthropy Dies in Ireland

Philanthropists clench fists as wealth evaporates

(Newser) - Like the rest of the recession-plagued world, Ireland isn’t as affluent as it used to be, but the country is especially weakened now that declining wealth is denting its burgeoning culture of philanthropy, GlobalPost reports. Three years ago, the Irish were Europe’s second-wealthiest citizens, but bad assets have...

'Recession Angels' Help the Struggling

(Newser) - The recession has led to some antipathy toward moneyed Americans, but the haves are not casting a blind eye to the have-nots' troubles, ABC News reports. Colleges across the country are seeing millions in anonymous donations designed to save endowments, and at least one hospital has spared hundreds of jobs...

Slumdog Makers Give $740K to Educate Poor

Fun intended to hush critics who call film 'poverty porn'

(Newser) - To combat accusations that Oscar sensation Slumdog Millionaire is a form of “poverty porn,” the filmmakers have donated about $740,000 toward a health education initiative in Mumbai’s slums, the Times of London reports. The funds are in addition to trusts set up for the movie’s...

Philanthropists Cry Foul Over Obama Budget
Philanthropists Cry Foul Over Obama Budget
OPINION
Mar 10, 2009 9:19 AM CDT

Philanthropists Cry Foul Over Obama Budget

Higher taxes, cap on deductions may lead to $4B less in charity

(Newser) - Charity may be a virtue, but in America there's another motivation for philanthropy: generous tax deductions of as much as 35%. Barack Obama's proposed 2010 budget may change all that; not only will it raise taxes on the most wealthy to almost 40%, it will cap charitable deductions at a...

Madoff Bust Stokes Anti-Semitism in Palm Beach

(Newser) - Bernard Madoff’s alleged mega-fraud and the large number of Jewish investors he apparently snookered is stoking anti-Semitic feeling in tony Palm Beach, ABC News reports. “It is a terrible thing to say, but some of the WASPs are delighted, they take great pleasure in this,” said an...

Madoff Scam Zaps Key Science Funds
Madoff Scam Zaps Key Science Funds
Feb 12, 2009 2:23 AM CST

Madoff Scam Zaps Key Science Funds

Medical research set back years as bilked charities slash aid

(Newser) - Bernard Madoff's alleged Ponzi scheme is sending shockwaves deep into the worlds of medicine and science as scammed charitable foundations yank funding for key research projects, reports the Wall Street Journal. Experts believe the number of people affected by the scam's impact on health care could run into the millions....

Nonprofits Look to Change Rules on Endowments

Meltdown forces tough choice: present survival or future value?

(Newser) - Nonprofits reeling from the market meltdown's impact on their investments are pushing to be allowed to tap endowment funds, many of which are off-limits because they've lost value, reports the Wall Street Journal. At issue is the balance between surviving the current crisis and spending funds that can never be...

AIDS Vaccine Quest Gets $100M Injection

(Newser) - A technology entrepreneur has given Massachusetts General Hospital its largest gift ever—$100 million—to create an interdisciplinary institute focused on finding an AIDS vaccine, the Boston Globe reports. The institute will bring together doctors and scientists from MGH, Harvard, and MIT, including engineers and mathematicians, who would otherwise not...

Downturn Threatens 100K Charities

(Newser) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000...

Why Are Charities Feeding Bill's Ego?
 Why Are Charities 
 Feeding Bill's Ego? 
OPINION
Dec 24, 2008 8:32 AM CST

Why Are Charities Feeding Bill's Ego?

(Newser) - Forget for a second the Arab oil money that buoys the Clinton Foundation, Marty Peretz writes in the Wall Street Journal—“since when is the Clinton Foundation one of the approved charities of the United Way?” Nonprofits and foundations, from hospitals to universities to opera companies, are lining the...

Madoff Scam Soaks Jewish Charities
Madoff Scam Soaks Jewish Charities
Dec 13, 2008 12:08 PM CST

Madoff Scam Soaks Jewish Charities

His Wall Street fraud will wipe out philanthropic groups

(Newser) - Rich investors and hedge funds aren’t the only ones losing their shirts in Bernie Madoff’s Ponzi scheme. Madoff was a giant in the small world of Jewish philanthropy, running millions for a variety of charitable organizations, the Washington Post reports. Deborah Coltin, for example, woke up yesterday to...

LA Homeless Get Portable Shelter

(Newser) - A select group of homeless people in Los Angeles now have some relatively decent digs, the Los Angeles Times reports. The EDAR, which stands for for Everyone Deserves a Roof, is a portable shelter that can be used to transport belongings by day. At night it unfolds into a rainproof...

A-Rod: 'We're Friends—That's It'

Slugger would rather discuss charity work

(Newser) - Alex Rodriguez says he isn't dating Madonna and insists, apparently with a straight face, “We’re friends—that’s it,” People reports. The Yankee third baseman digs the pop icon's philanthropy and, when pressed, said he has attended only two of Madonna’s concerts and “I have...

High-Profile Arts Patron Guilty of 12 Fraud Counts

Alberto Vilar cheated investors to pay debts, fund opera companies

(Newser) - Alberto Vilar, the investment banker and one of the world's most generous opera patrons, was convicted yesterday on 12 counts of fraud, Bloomberg reports. Vilar told investors that he was putting their money in safe, government-backed assets; in fact, he bought risky tech stocks on margin, which quickly tanked. Vilar...

Univ. of Chicago Biz School Banks $300M

Low-profile fund manager Booth makes historic donation

(Newser) - An alumnus of the University of Chicago who made a fortune from principles he learned at its graduate business school has donated a no-strings-attached $300 million to the school, reports the Chicago Tribune. The donation, by Dimensional Fund Advisors founder David G. Booth, is the largest ever to a business...

Portman Wants to Talk About Microloans, Not Movies

Teams with Jordan's queen to help women

(Newser) - Among Hollywood actresses, Natalie Portman may be an anomaly. “As opposed to talking about fashion,” the 27-year-old says she prefers discussing poverty alleviation. The Israeli-American discovered FINCA International, a microfinance program for women, through her inspiration, Jordan’s Queen Rania, a Palestinian and an “incredible woman whom...

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