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June 12, 2017

Daily News Roundup: $100 Million Art Sale Backs New Criminal-Justice Fund

Agnes Gund Gives $100 Million to Tackle Mass Incarceration: The arts patron and the Ford Foundation will co-administer the Art for Justice Fund, launched Monday with proceeds from Ms. Gund's sale earlier this year of a 1962 Roy Lichtenstein painting, writes The New York Times. She is asking other collectors to plow art-sale proceeds into the fund, which will support groups targeting inequity in criminal justice.

Gates Foundation and Rotary Spearhead $1.2 Billion Polio Push: The grant maker and the international service charity pledged a combined $600 million to the Global Polio Eradication Initiative, which aims to end the disease by 2020, reports Forbes. The governments of Nigeria and Pakistan are also among the biggest donors to the effort announced Monday at Rotary’s convention in Atlanta.

Warren Buffett Lunch Auction Fetches $2.68 Million for Charity: The anonymous bidder's winning offer is the third-highest price paid for a meal with the billionaire investor and philanthropist, who since 2000 has auctioned off a lunch date to benefit Glide, a San Francisco charity serving the poor and homeless, Reuters reports.

N.Y. Opens Review of Eric Trump Foundation Spending: The charity, which raises money for pediatric-cancer care, said it would cooperate with state Attorney General Eric Schneiderman's examination, which was prompted by a media report about the foundation paying hundreds of thousands of dollars to use Trump Organization facilities for fundraising events, Bloomberg writes.

Justice Dept. Bars Nonprofit Donations in Civil Settlements: U.S. Attorney General Jeff Sessions is ending the practice of directing companies accused by the government of environmental, financial, and other misdeeds to make large payments to groups working on the relevant issues, reports The New York Times. Such deals have steered billions of dollars to nonprofits, but critics say they amount to "slush funds" for particular organizations and causes.

Senate Health Bill Would Strip Planned Parenthood Funding: Republicans crafting the Senate version of legislation to overhaul the health-care system believe they have the votes to keep the defunding provision, strongly backed by conservative lawmakers and antiabortion groups, in the final version of the bill, according to The Wall Street Journal (subscription).

Feds Eye Charities' Role in Boosting Cancer-Drug Sales: Sales of prostate-cancer medications have dropped as pharmaceutical companies have curbed monetary gifts to nonprofits that help patients pay for the drugs, writes The Wall Street Journal (subscription). The decline comes amid a review by federal prosecutors of the charities' role in boosting sales of the drugs.

Independent Audit Rips U. of Louisville Foundation Management: The chairman of the university’s Board of Trustees said the review painted a “disturbing picture” of actions by the scandal-plagued campus affiliate, which auditors allege wasted tens of millions of dollars on questionable business deals and tried to conceal how it used the institution’s endowment, the Louisville Courier-Journal writes. The foundation has placed its chief financial officer on leave, reports Louisville radio station WDRB.